While the media has promoted the idea that Millennials are self-involved, the truth is that they may be the sandwich generation who must provide care for their aging parents and grandparents. Today, there are roughly 10 million Millennials who are the care companion or provide some type of substantial support for their elderly parents, grandparents, or relatives.
Topics: Sandwich Generation
Topics: Employee Benefits
It may seem surprising at first that some might want to be financially rewarded for eldercare, especially when taking care of members of the family. But there is a strong point to be made about the financial burdens of elderly home care on individuals who may have no other choice. There are good reasons why family members want to shoulder the burden of taking care of their loved ones;
Because the Baby Boomer generation is the largest living in the US and they have reached, or they are approaching retirement age, providing care has become a full-time job for many American families. This means that for in home senior care, the stress involved may lead to health issues that affect the enjoyment of your life.
Topics: Family Caregiver
We love our pets. If you think about it, they are extensions of the family. Having pets take on lots of responsibility. We know what having children can cost, but pets can cost a lot too! Pet insurance is one of the fastest-growing voluntary employee benefits, one in three Fortune 500 companies now offer pet insurance. More than 3,800 companies and organizations have added Veterinary Pet Insurance (VPI, a Nationwide Insurance company) to their benefits portfolio, including Chipotle Mexican Grill, Deloitte LLP, Delta Airlines, Hewlett-Packard, Microsoft, T-Mobile, UPS, and Xerox, according to VPI Pet Insurance.
We were asked to put together a list of tips for seniors and their family caregivers that they could use when having to go to a hospital. There are more detailed lists out there but these are the main items
If you are a primary caregiver for a veteran and your company doesn’t offer an Eldercare Employee Benefit at work, you may feel alone. There is a program called, “Homemaker/Home Health Aide” that is offered through the Veteran Administration (VA). This program provides care services in the home through approved agencies. A registered nurse will go in and do an initial assessment and work with a trained home health aide to provide assistance with Activities of Daily Living (ADL’s) for the veteran. Here are some examples of the services that they provide:
Are you one of the many members of the never-aging Baby Boomers Generation or the sandwich generation caring for elderly parents who don't live nearby? Or perhaps they are close, but work keeps you too busy to get over to check on them daily? Do you that having an aging parent live with you in your home can be much cheaper than moving mom or dad into an independent or assisted-living facility? But having another person in your home won't be cost-free. " You should be prepared for miscellaneous expenses, especially if you have a parent thаt doesn’t have a реnѕіоn аnd will bе depending on you for support," says Glenda Standeven, an inspirational speaker who has shared her home with her mother for the past 17 years.
Thus according to research by Senior living referral service A Place for Mom and other sources have found that the cost of ѕеnіоr care аnd housing has steadily increased in the U.S. throughout the last several years. What's more, the cost of senior care vаrіеѕ drаmаtісаllу dереndіng on where you live.
Retirement is a big issue today because far too many people are ill-prepared. In American, Baby boomers and seniors said that their biggest financial challenge was planning for retirement while the young millennial are less concerned though they have higher debts and fewer assets, they are more advantage of having a retirement account, purchase their own home and stocks than people a few decades ago, according to the Fed study.
Regarding Social Security retirement benefit, it is only intended to supply 40% of a person's salary. If they would like to continue living at the same level, they will need to have additional cash. Unfortunately, 62% of Americans have saved up just $1,000. According to the Economic Policy Institute (EPI) "Nearly half of families have no retirement account savings at all," and also the median value of a 401(k) account for someone 65+ is about $60,000. That's however not much to live on spread out over 20 years. Thus, this is important because of the other two (2) "legs" of the retirement "stool” Social Security and pensions are increasingly under pressure. Hence as of January 2017, the average retiree receives $1,360 per month from Social Security. That's $16,000 a year. The median private pension was only $9,376 per year; according to the Pension Rights Center (state, local, and federal pensions were higher). Only a few people are able to collect both social security and private pensions. That's not going to do much to move the needle. You need 10 times that amount of savings to make a significant impact, but the vast majority aren't anywhere near that.
The term “Sandwich Generation” is used to describe a growing group of реорlе who are саrеgіvеrѕ fоr thеіr young children and aging parents. Usually, this applies to people in their late 30s, 40s, and 50s. Any members of this group also have full-time employment, but they may find it necessary to reduce their work hours or leave their jobs altogether to tend to their parents' needs. This can add to the stress by creating financial difficulties.
Approximately 15% of the people in this category provide financial support to both a parent and a child. This can quickly drain their resources, especially when employment hours have been reduced. Sharing time between children and aging loved ones may also leave this generation with little or no time for themselves. Members of the sandwich generation may be more likely to become isolated, overwhelmed, anxious, depressed, than caregivers who do not have children at home. Since they are providing care for both generation, they have even less time to seek out relationships and other social connections.