Tag Archives: Baby Boomers

Caregiving family meetings

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Photo supplied

By Holly Tiret, Michigan State University Extension


With the aging of baby boomers, chances are there will also be an increase in the number of informal caregivers. Michigan State University Extension recognizes that caring for an aging parent may seem like a natural progression of life; however, many are ill prepared to deal with the social, emotional, physical and financial decisions that will arise. If you’re caring for a loved one, a family caregiver meeting can help you navigate the many decisions that need to be made.


If you are making these decisions on your own (for example, if you are an only child), then your scope of consulting would mostly fall between you and your parent. It may be helpful to include a social worker, your care receiver’s medical care providers and perhaps their religious advisor. The final decisions, however, are up to you and your parent.


If you have siblings, your decision-making circle is much larger and has the potential to be highly emotional. It may include a variety of opinions and be loaded with family relationship baggage. Siblings can be a major source of support and a major source of stress. Not everyone thinks alike or has the same amount of time or talent to devote to caregiving. For these reasons, you may want to consider having a family caregiver meeting. A family caregiver meeting can help you work on specific problems, give people a chance to share thoughts, make a list the needs of your loved one and opens discussion about who can best fill those needs and how.


Whom you invite depends on your own family dynamics. You may want to consider being more inclusive rather than being exclusive. You may assume someone is not interested or involved enough; however, that person may end up being someone who really has the time and would love to pitch in. More hands tend to make less work. If possible, be sure to include your loved one, as they are the expert on their thoughts, wishes and needs. If relationships with your siblings are typically contentious, you may want to invite a social worker or religious leader to help mediate.


A caregiver family meeting should not be much different from staff meetings at work to address tough issues or lawyers meeting to discuss a plea bargain. Both situations have the potential to be emotionally charged. However, the difference is in the planning. Imagine a lawyer going into a plea bargain meeting unprepared, with no notes, no facts, and just relying on raw emotion. You could be almost sure their client would not be getting the best representation that they need or deserve. A lawyer or a boss goes into a meeting at a set date, time, place with certain people invited. There is an agenda, rules of communication to follow, there is productive discussion, notes are taken, decisions are made, and subsequent meetings may be scheduled. Caregiver family meetings can be run the same way.


Whether you have no siblings or many, a planned and organized caregiver family meeting can help you all make the best decisions possible for your loved one. For more information about caregiving, you may wish to consider signing up for a Powerful Tools for Caregiver class. During six lessons, groups of caregivers explore and share tools for focusing on self-care in order to be able to provide the best care possible to a loved one. To find a class near you visit www.msue.msu.edu and search for Powerful Tools for Caregivers. You can also call your local Michigan State University Extension Office to inquire about starting a class in your area.


This article was published by Michigan State University Extension. For more information, visit http://www.msue.msu.edu. To have a digest of information delivered straight to your email inbox, visit http://www.msue.msu.edu/newsletters. To contact an expert in your area, visit http://expert.msue.msu.edu, or call 888-MSUE4MI (888-678-3464).

Can our medical system meet the needs of a growing senior population?

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Courtesy of Vista Springs Assisted Living

By Vista Springs Assisted Living

 

It’s been several years since Boomers began reaching the age of retirement, and the reality of our society’s lack of preparedness to deal with the influx of retirees over the next decade has become impossible to ignore. This issue has come to be known as “The 2030 Problem,” and one of the main points of concern is the ability of our medical system to address the needs of so many seniors. So what are the current and impending problems with the availability of senior health care services?

Healthcare Professionals

We’re already facing a shortage of primary care physicians in the United States, and the issue is only going to get worse according to the Association of American Medical Colleges. By 2030, we could be facing a shortfall of as many as 43,000 primary care physicians across the country, and the problem is expected to be worse for people living outside large population areas and patients using government health care assistance programs such as Medicare and Medicaid.

 

On top of this, it’s not only primary care where shortages are projected, but also specialized healthcare professionals such as surgeons and geriatricians. Demand for specialty healthcare services is projected to require as many as 61,000 more physicians than will be practicing in 2030, an even steeper disparity than primary care.

Caretakers

Not only are healthcare professionals going to be in short supply, the number of both professional and unofficial caretakers may not be sufficient for the rising senior population. Many seniors rely on a network of family and friends to help with activities of daily living as they age, but research from the AARP reports that the ratio of potential caregivers to retirees will fall from 7:1 in 2010 to 4:1 in 2030. Soon-to-be retirees planning to rely on family for care may not have as much success as they hope, and will most likely need turn to assisted living or another formal care option as they find they need more assistance with activities of daily living.

 

Formal care faces its own challenges in this new population of retirees, however. The United States is projected to become majority minority by 2043, and the current generation of soon-to-be retirees is certainly more diverse than their predecessors. However, projections in senior health care professions speculate that formal caretakers are not on a course to become similarly diverse. Fortunately, studies on the implementation of cultural competency training in senior care settings have shown that culture barriers can be overcome.

Diseases and Conditions

There has been a dramatic shift in the leading causes of death in the last century. From the early 1900s to now, infection-caused diseases such as influenza and pneumonia have given way to noncommunicable, chronic conditions such as heart disease and cancer as the leading causes of death in the United States. Elderly populations are at high risk for both of these conditions, as well as other conditions that fall into the ten leading causes, such as stroke and Alzheimer’s disease, simply due to the way the human body ages. And while rising life expectancies are a triumph for medicine, longer lifespans do present the need for a change in our approach to healthcare.

 

The issue is that many of these diseases and conditions don’t have cures, and in some cases, don’t even have effective research-based treatments. So, even if the barriers to senior health care access were to be removed, retiring adults are facing the issue of manageable, but not treatable, chronic illnesses.

Care Focuses

Related but not synonymous to the shift in prevalent diseases is the focus of healthcare in senior populations. According to the CDC, about half of all adults in the United States are managing one or more chronic health conditions, with one in four living with at least two. Known as comorbidity, the presence of two or more chronic diseases or conditions presents a unique challenge to healthcare providers, as they need to understand not only how to treat the diseases separately, but also how the diseases present, interact, and even worsen when experienced simultaneously.

 

This shift in focus to comorbidity requires a much more consistent and frequent approach to seeking and obtaining healthcare, as opposed to the reactionary model experienced by many US adults. While ongoing healthcare may be a better model, the associated costs of frequent physician visits may be prohibitive to seniors who may already be facing a crisis of affordability.

Affordability

According to a report by Fidelity, healthy, retirement-aged couples can expect to spend $245,000 on healthcare costs over the course of their retirement – and other sources suggest that this estimate may be conservative. Baby Boomers have an average of only $147,000 saved for retirement, leading to natural concern about the high cost of retirement living, and experts suggest that government assistance programs like Medicare will not be able to sustain the retiree boom.

 

The picture of senior health care in the coming decade looks bleak, but it’s important to remember that our society faced similar questions of economic strain when faced with caring for the Baby Boomers as children. While it’s important to keep the challenges of retirement in mind as we move towards 2030, it’s also important to not lose sight of the joy that the Golden Years can bring. By facing projected issues now, we can prepare for the needs of seniors for years down the line.

 

Reprinted with permission from Vista Springs Assisted Living.

The Importance of Guaranteed Retirement Income

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Courtesy Vista Springs Assisted Living

By Vista Springs Assisted Living

 

For most adults reaching retirement age, finances are looking pretty grim. By most studies, more than half of the Baby Boomer generation isn’t financially prepared for retirement, and as many as 30% have no retirement savings at all. Experts are worried about how new retirees will fare, or if retirement as we currently think of it will even still exist. So if savings can’t save the day, what can?

Why do you need it?

While many of the people who have been retired for a while have managed to maintain their nest egg while enjoying pre-retirement lifestyles and spending habits, younger retirees and adults approaching their full retirement age shouldn’t count on the same fortune. Americans nearing retirement have a median retirement savings of about $147,000, which is more than $500,000 shy of the amount that experts project is necessary for a comfortable, financially stable retirement.

 

Sources of retirement income are one way that current and future retirees are dealing with their finances. From estimated medical costs as high as $280,000 to cost of living to travel and entertainment, there’s so many aspects of retirement that require financial security. So what can you do?

What are your options?

Social Security

The in’s and out’s of Social Security can be difficult to navigate. If you’ve already claimed your benefits and have been receiving monthly payments for a year or more, the amount you can receive each month is more or less locked in aside from cost-of-living increases. If you haven’t claimed yet, or if you’ve been receiving benefits for less than a year, you have some choices to go over with your financial advisor.

 

First, the age at which you claim benefits has a huge effect on how much money you’ll receive each month. At the minimum age of eligibility, 62, your benefit could be reduced by as much as 25-30%, depending on your full retirement age (FRA). Then, at your FRA, you can receive your full benefit with no reductions. Or, for every year you wait to claim after your FRA and up to age 70, you can earn an 8% bonus to your benefit. Everyone’s situation is different, so one age is not necessarily always better than another, but many financial planning experts advise waiting and betting bonuses if your health and financial situation will allow.

 

Employer Pensions

Today, employer pensions are becoming rare, but they do still exist. Public service workers, such as the police force, firefighters, judges, and public teachers have always had pension plans, and other government positions also offer pensions. Because pensions are part of an employee’s compensation package, the amount of retirement income they provide varies based on industry, position, and even from person to person.

Retirement Accounts

While you can open your own retirement accounts, they are generally associated with employer-provided benefits. These benefits, such as 401(k)s, 403(b)s, deferred comp plans, SIMPLE or SEP IRAs, and more, may not be income like pensions are, but function in much the same way after retirement. You are required to withdraw a minimum amount per year after age 70½, though earlier withdrawals may help reduce your lifetime tax bill. Transfers can be done in a lump sum (though we don’t recommend it), quarterly, monthly, or on a different schedule as long as the minimum is met annually.

Savings Accounts

Your personal savings aren’t actually guaranteed income, but barring emergency expenses, you should treat money you withdraw about the same as you treat Social Security payments or retirement account withdrawals. Budget your spending and pay yourself a monthly paycheck from your savings account, and don’t go over that budget. The main difference is that you can withdraw more money if you need to, in case of an emergency medical expense for example, whereas other sources of retirement income generally pay out a regular amount that you have little to no control over.

Annuities

Annuities are somewhat unique in this list, as they can be obtained after you’ve already retired, and some, like fixed indexed annuities, have the option to be truly guaranteed retirement income, meaning that you will always receive income from them regardless of your financial situation, the markets, and other variable factors. There are different types of annuities that may be better or worse for your needs, which you should discuss with a financial advisor.

Part-time Work

And of course, one way to earn retirement income is simply by earning income from a job. There are many part-time work opportunities that allow retirees to supplement their savings while still maintaining a retirement lifestyle, and more retirees are becoming entrepreneurs for enjoyment and income. Continuing to work isn’t part of the traditional picture of retirement, but it’s quickly becoming more common.

 

While retirement savings across the board aren’t where they should be, a financially stable retirement is possible with enough planning. Take stock of your options for retirement income, and speak with a financial advisor to get the clearest picture of your finances.

 

Reprinted with permission from Vista Springs Assisted Living.

 

Getting Involved: The Importance of Senior Advocacy

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By Regina Salmi, Area Agency on Aging of Western Michigan

 

In 1970, Maggie Kuhn was forced to retire from her job on the day she turned 65. At this time, the mandatory retirement law allowed her employer to make her retire. Maggie felt this was unfair, so she began talking to friends who experienced forced retirement and together they began writing letters, making phone calls, and visiting legislators.

 

The law enforcing retirement at age 65 wasn’t abolished by Congress until 1986, but it was thanks to Kuhn and her friends bringing awareness to the issue that we are no longer forced out of jobs because of our age. Maggie’s group, dubbed the Gray Panthers, were also at the forefront of nursing home reforms, fighting ageism, and preserving social security until her death in 1995. That same year she was also inducted into the National Women’s Hall of Fame.

 

Maybe we cannot all be Maggie Kuhn, but what we can learn from her legacy is that our age doesn’t have to stop us from having a voice and making a difference in our communities. In fact, Kuhn might argue, no one is going to care more about issues that affect us than we are. Upon her forced retirement, she said, “With this new freedom we have, let’s see what we can do to change the world.” Like Maggie, we all have the opportunity to become advocates, especially those of us who find we have more time on our hands after we choose to retire.

 

What do we mean by advocacy? The word advocate comes from the Latin ad- meaning “toward” and vox meaning “voice”. When we engage in advocacy, we are lending our voices to a particular issue. The traditional forms of advocacy are to send letters or make phone calls to legislators. AAAWM’s Advocacy Coordinator and Planner, Lacey Charboneau explains, these methods have “stood the test of time” and “neither needs to take much time or prolonged effort.

 

The best advocacy letters are no longer than one page, include succinct and straightforward facts and end with a call to action of some kind.” In addition to these formal methods of advocacy, email and social media engagement are also becoming effective forms of engaging with decision makers. Charboneau emphasizes though that, “No matter what the issue, or who the audience, there is no more effective way to get your point across than showing up and speaking up in person.”

 

Millennials may have surpassed Baby Boomers as the largest eligible voting block in the United States in 2018, but Boomers remain a powerful group when it comes to legislative matters. As seniors it is important we recognize the ability we have to create change.

 

“Older adults are the keepers of vast amounts of experience and knowledge” Charboneau observes, “They have seen and experienced history — both the positive and negative.  Older adults should be empowered to share their opinions and thoughts with those in power so we can learn from our past as we move forward.”

 

According to the AARP, the recent passing of the “Tax Cut and Jobs Act” activated an automatic $25 billion cut to Medicare. As a result of advocacy efforts on the part of seniors, the House and Senate “waived the required cuts as part of a temporary spending bill to prevent a government shutdown.”

 

Advocacy is often a matter of education. It is important to make legislators aware of the concerns of older adults and how certain policy decisions may affect seniors. As Charboneau says, “No single elected official can be expected to be an expert on everything. It is our responsibility to educate our legislators on the issues that matter to us.” 

 

As long as Medicare, Medicaid and Social Security remain the three largest government-funded programs, there will always be a need to build awareness, educate and advocate elected officials.

 

So, how does one get involved in advocacy? Charboneau advises the first step, “Decide what issue is most important to you.” As you research about that issue, you may find there is already an advocacy group working on the issue and you can join. Maybe your issue is a local one and, like Maggie, you talk with other people affected by this concern and form your own group.

 

Maybe there are people in your church or senior center who would be interested in forming an advocacy group. AAAWM has an advocacy group called Advocates for Senior Issues if you are in or near Kent county, they welcome new members. There are also nationally recognized groups, like the AARP or AMAC that offer opportunities to get involved in advocacy campaigns. The most important step toward advocacy is to find a way to get involved.