Senior Providers Blog

Is Average America Saving for Retirement….OR NOT?

Posted by Senior Providers Network on Apr 25, 2018 10:00:00 AM

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.

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Topics: Employee Absenteeism, Sandwich Generation, Retirement

How does the Sandwich Generation Save for Retirement?

Posted by Senior Providers Network on Apr 24, 2018 10:00:00 AM

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.

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Topics: Sandwich Generation, Family Caregiver, FMLA, Family Medical Leave Act, Family and Medical Leave Act, Caregiving

How Much Insurance do I Need in Retirement?

Posted by Senior Providers Network on Apr 23, 2018 10:00:00 AM

If you have a family or people that depend on you, then you need some level of coverage. The first thing is to determine if at all you need insurance and if you do, what type is best for you and how much protection you need. In addition to investing and saving money in the quest for ensuring our future, obtaining the right insurance can help avert unexpected events from disrupting retirement plans. It guarantees a secure retirement. Very quickly, it is crucial to highlight the vital insurance coverage one should put in place in response to retirement- disability insurance, homeowners insurance, long-term care insurance, life insurance and medical insurance. There are others but priority should be given to these.

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Topics: Retirement, Sandwich Generation

How FMLA can help employees when caring for a senior loved one

Posted by Senior Providers Network on Apr 21, 2018 9:38:12 AM

Do you have a senior loved one who needs your care and support? Do you have a difficult time to care for your senior loved one? Do you want to know how FMLA can help you when you are giving care to a senior relative? Are you considered ineligible for FMLA to take care of your senior family member? Read further to be clear about Family and Medical Leave Act provisions with regard to caring for senior loved ones.

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Topics: Family Caregiver, FMLA

Why Eldercare Employee Benefits are so Important

Posted by Senior Providers Network on Mar 29, 2018 10:00:00 AM

15% of the current U.S workforce is providing care to an aging loved one. The associated time, costs, and impact on productivity causes a loss of $30B every year for businesses. This happens because employees providing such care tend to become stressed or overwhelmed and they can’t be as productive at work as they should be. To enable your business to avoid this lost potential, it is important to implement elder care into your employee benefits package.

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Topics: Employee Benefits

How Employee Benefits Affects Total Compensation

Posted by Senior Providers Network on Mar 27, 2018 10:00:00 AM

As more companies provide unique employee benefits packages to attract top talent, the cost of these perks is constantly rising in relation to actual salaries. Benefits that are aimed at boosting workplace productivity and attracting the best employees are beginning to comprise a significant percentage of a worker’s total compensation.

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Topics: Employee Benefits

Examples of the Most Popular Employee Benefits Today

Posted by Senior Providers Network on Mar 22, 2018 10:00:00 AM

57% of job seekers today assign top priority to their employee benefits packages before accepting a job. In fact, 4 out of 5 workers prefer a new benefits package over a pay raise. As more job seekers place emphasis on comprehensive benefits, businesses need to adapt their current offerings to accommodate these needs.

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Topics: Employee Benefits

What are Standard Employee Benefits?

Posted by Senior Providers Network on Mar 20, 2018 10:00:00 AM

For your business to remain competitive in a today's economy, you need to attract and retain top talent. Employees nowadays expect a compensation package that goes beyond the basic salary and healthcare benefits.

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Topics: Employee Benefits

How to get the most from your benefits broker

Posted by Senior Providers Network on Mar 6, 2018 10:00:00 AM

Benefits brokers, sometimes referred to as advisors or consultants, can be valuable resources who save your organization lots of time and energy when choosing benefits packages for employees. But in order to enjoy a positive experience with your benefits broker, you should approach the relationship in a professional, transparent manner that keeps your goals at the forefront.

Start by choosing the right broker

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Topics: Benefits Broker

HR professionals: How to get the most from your EAP provider

Posted by Senior Providers Network on Mar 1, 2018 10:00:00 AM

You already know the importance of employee assistance program (EAP) providers for making sure your team members are healthy, happy, and engaged at work. But maybe you’re wondering how successful your EAP program has been and whether or not you are getting your money’s worth.

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Topics: EAP