Lynda Faye had always looked forward to retirement. Time for gardening and her backyard art studio in Amherst, MA. She wanted to spend time with her grandchildren. To catch up on her reading, to slow down and enjoy life at a slower pace. One thing she never put on her bucket list was caring for an elderly parent.

Faye is 75, and that frail elderly parent is her mother, 99

Yetta Meisel just turned 99. Faye now helps care for her mother, including preparing her meals. She picks up her meds, schedules home aides and transports a wheelchair for excursions. “We never expected her to live this long. She was never particularly healthy, but besides difficulty walking and some cognitive impairment, she is doing better than anyone could have ever expected! Our whole family makes an effort to spend time with her—even if it’s just an hour or so to check in and see how she’s feeling.”

Faye and her mother are part of a growing phenomenon: Seniors spending their retirement years caring for parents who are in their 90s and beyond. Because of longer life spans, many adult children and their parents are now “aging together,” said Kathrin Boerner, an associate professor of gerontology at the University of Massachusetts Boston.

Faye has abandoned her own retirement dreams

Her mother’s longevity has taken a financial toll. Faye has dipped into her nest egg to pay for her mother’s expenses. She put her home with her fabulous garden and art studio on the market. She cares for her mother three days each week and pays for part of her mother’s care out of her own pension. As difficult as her responsibilities are, she considers herself lucky to have a mother with a good sense of humor who appreciates her efforts.

Study finds these senior caregivers suffering from failing health, stress and isolation

Dr. Boerner found that many of these late-life caregivers, typically daughters, suffer from their own failing health, which worsens with the stress, depression, physical tasks and isolation. The financial picture often becomes dire. The adult children spend resources meant for their own later lives. It gets worse when there were toxic relationships between parent and child. Old resentments bubble up, and the quality of caregiving suffers.

Getting exercise and taking much-needed personal time could depend on the family’s ability to pay for home aides, adult daycare and other respite programs.

There are resources that may provide help: 

• Medicaid picks up some costs for those with limited assets, but the number of hours varies.
• An accountant will calculate tax breaks for home care and other services.
• Local senior programs may offer guidance on free and reduced-cost programs.

But children who are draining their own retirement savings should consider a nursing home that accepts Medicaid, and then pay for restaurant outings and other extras.

Even when they do not pay for care, many older caregivers make financial sacrifices. In some cases, children, particularly women, are retiring earlier than they planned or are cutting back on their hours to care for their parents.

The growing problem of caring for our seniors

Most of us these days know someone who is caring for an aging family member. With 10,000 baby boomers turning 70 every day, caring for this demographic is a growing health care issue. It’s only a matter of time before it becomes a political issue.

The need to prepare life-planning documents

If you or someone you know is caring for someone or are part of a caregiver team, it’s important to create a Living Trust. Our comprehensive Trust portfolio includes a Power of Attorney and an Advance Healthcare Directive. It’s important to sign these legal documents while someone still has testamentary capacity. With a Power of Attorney and Advance Healthcare Directive, you or a member of your team will be able to make important healthcare and financial decisions in the event your family member becomes incapacitated.

Our dedicated team has assisted hundreds of families in creating their Living Trusts

We’re responsive and available throughout the process. We’re helpful, compassionate and affordable. Schedule an appointment today at one of our three Bay Area offices.

Seniors in the Workplace: Is 60 the New 40?

The employment landscape for those 60 and older

According to Inc. Magazine, there are now more than 76,000,000 Americans reaching the age of 60 and beyond, “and it seems they either can’t or don’t want to stop working.” An article in The Atlantic points out that employment in America of those aged 65 and older doubled between 1977 and 2007 and continues to climb. The employment landscape for those 60 and older has changed dramatically over the last decade. Employers are finding a lot of good reasons to hire older workers.

Seniors in the Workplace: Is 60 the New 40?

Another factor in the growth of seniors in the workplace is the changing nature of work; we can be productive far longer than in earlier eras. Sixty may be the new 40. Some jobs require cognitive skills that actually improve with age. According to a research paper entitled “Population Aging and Comparative Advantage,” these skills include technical writing, human resources management and numerous other disciplines.

The economics of retirement

The fabled retirement that Americans worked for and enjoyed decades ago may no longer be an option for today’s seniors. It’s increasingly rare to find an organization, even a union company, which offers a pension on which it is sufficient to live. Improved healthcare means that people are living longer. They’re taking care of themselves, eating better diets, exercising and remaining physically and mentally engaged. This longer lifespan requires more money.

Many seniors want to continue working

Also consider that an older person who may have enough money to live comfortably may want to work. Older people may be just as eager to contribute as they were when they were twenty. For many seniors, retirement just doesn’t work. They like the structure of having a place to go every day. They like the relationships, the sense of belonging. The mental stimulation that’s part of sharing ideas and problem-solving.

Consider the numerous benefits an older employee may provide. They:

• Are a steady and reliable source of skilled labor.
• Offer decades of relevant experience and, if they enjoy health coverage, may offer the experience you require for less money than a younger candidate requiring full benefits.
• Offer your younger employees valuable mentoring at no cost.
• Are more comfortable than younger candidates with flexible hours. Many seniors are happy to work part-time.
• Are not aggressively seeking to advance their careers at this point in their lives. You probably won’t have to worry about their playing political games that can spoil office environments.
• Offer stability. Turnover is expensive for every company.
• Are experienced problem solvers, seasoned and more engaged – they want to be involved, focused on tasks.
• More technological savvy than you think. Boomers are comfortable using computers. Where there are skill gaps, they can learn.
• Will appreciate an opportunity to work. Loyalty is a valuable commodity.
• Represent a large segment of the buying public and know that market better than the rest of your team.
• Already know what they’re good at.

Remember that many veterans are in this age group, and hiring those who have served in the military may contribute to your company’s ethos and brand.

California Document Preparers assists our clients in creating Living Trusts. A Power of Attorney and Advance Healthcare Directive are included as part of our Trust portfolio. Make an appointment today at one of our three Bay Area offices. Our dedicated team is helpful, compassionate and affordable.