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

Sandwich Generation and Employee Absenteeism

Posted by Senior Providers Network on Feb 15, 2018 10:00:00 AM

Employees are faced with caring for their family, which includes their children, and burdened with supporting their parents while still having to work may interrupt the delicate balance of employment and family life. The cost in terms of the financial expense and the time spent away at work supporting both generations may take a powerful toll resulting in more health issues and employee absenteeism which affects both the employee and the employer.

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Topics: Sandwich Generation, Employee Absenteeism