Protecting The Family’s Finances and Income from Destruction
Protecting and Managing Wealth for Upcoming Generations
AARP’s Knowledge Management survey, conducted five years after their 1998 benchmark study of baby boomers revealed:
- Boomers remain optimistic about retirement, but their expectations, particularly those related to finance, have become much more conservative.
- Boomers' primary definitions of retirement, however, are largely unchanged since 1998: as an opportunity to spend more time with family, to pursue hobbies and interests, and to enjoy leisure.
AARP’s Caregiving Report “In the Middle: A Report on Multicultural Boomers Coping with Family and Aging Issues” reported that sandwich generation boomers comprise 44% of those age 45 to 55. This means that they have aging parents as well as children under 21.
The report suggest that a nation as diverse as the United States, there are inevitably differences in how well they are coping, and the types of care they give, but majorities in every racial and ethnic group believe that they are coping well and use similar coping mechanisms to address the needs of three generations.
Now a Real Concern: Long Term Care and Hospice Care Of Increasing Aging Populations
Today...2009 a much different picture exist as the Baby Boomers struggle to help their parents meet long term care and hospice cost. This is actually siphoning off savings and wealth needed to maintain the quality of life for the Boomer and their offspring… Generation X and the Millennials.
America’s 5 Living Generations
- G. I. Generation (Born 1901-1926)
- Silents (Born 1927-1945)
- BOOMERS (Born 1946-1964) (Sandwiched and need help)
- Generation X (Born 1965-1981)
- Millennials (Born: 1982-Present)
What are the Difference between Hospice Care and Long Term Care?
Long Term Care –LTC provides personal care and limited medical care to someone who is unable to carry out the activities of daily living –ADLs such as eating, bathing and dressing necessitated because of chronic illness, disability or frailty. Long term care is provided to individuals in their homes, in community settings or nursing homes.
Hospice Care is rendered either on an inpatient basis or in the home setting for a terminally ill patient. (The patient is dying.) Often referred to as "palliative" or "supportive" care, hospice care emphasizes the management of pain and discomfort and the emotional support of the patient and family.
Financial Services Professionals Outreach for Families
As families comes to the financial rescue of older family member…the young ones are left unprotected from the financial storms that occur e.g. the quality of life falls, college education is unattainable…the family lifestyle effectively slips into a lower or very lower income status.
Financial Services Professionals work with other professionals to help maintain or improve the financial health of these underserved to working class families. Financial Services Professionals work with physician assistants and registered nurses as they counsel Hospice and LTC patients and families at the onset of an illness and throughout the period.
As the physician puts a Medical Plan of Action or Recovery Plan in place…Financial Services Professionals will put a Financial Plan of Action in place to help low and middle income families protect and manage wealth.
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Jim Robinson posted on Saturday, October 30, 2010
Tags: Long Term Care, LTC, Elder Care, Hospice Care
Posted in: Site News, Health