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HEALTH
Long-Term Care Concerns Dominate Family Discussions as America Ages

The conversation about aging parents is becoming a central topic in family discussions because of the rapidly growing senior population in the United States.

People require long-term care services due to chronic illness, accident, mobility difficulties, dementia, and frailty. The ongoing assistance needed for daily living activities burdens families and finances.

A Sandwich Generation Squeeze

The Pew Research Center reports that a staggering 41% of adults in the U.S. currently care for an adult age 50 or older, often a parent. Many adult children, themselves part of the "sandwich generation" raising their own families while caring for aging parents, feel overwhelmed. The emotional and logistical challenges of finding quality care while juggling careers and personal responsibilities are immense.

The Financial Burden

Adding to the stress is the financial strain. Traditional health insurance and Medicare typically only cover short-term skilled care, leaving families to shoulder the significant costs of long-term assistance
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YOUR MARRIAGE

You Must Have Some Alone Time Each Week … This could even become a side gig for some..
Kids Night Out gives parents a safe, fun place to drop off kids for a few hours

YORK — As a mother of four, Kimberly Williams knows all too well the struggles of finding reliable child care, especially after-hours on weekdays and on weekends. That’s why she started the new business Kids Night Out, which opened in April in Grafton.

“I know how hard it is,” said Williams, the mother of a 6-year-old son, as well as three stepdaughters.

At Kids Night Out, parents can drop their children off for a few hours on the weekdays for an evening of play or on the weekends so they can grocery shop, run errands, enjoy a date night or have some time for self-care or hobbies. While mom and dad are away, the kids enjoy crafts and open play with a variety of toys and activities. Children are also fed, thanks to a partnership with Vinny’s Pizza & Pasta.

“The kids are having a blast,” Williams said. “I love to hear the kids laughing and having fun. They don’t want to leave at the end of the night, which is fantastic.”

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FINANCE AND INVESTING TIPS FOR THE SANDWICH GENERATION

More than half of peak 65 Americans “almost certain” to outlive their savings

The research indicates that half of Americans aged 61 to 65, known as peak 65 consumers, have already retired and begun claiming Social Security benefits. The findings highlight a growing dependence on Social Security amid concerns about inadequate retirement savings.

The 2024 Protected Retirement Income and Planning study, now in its sixth year, surveys both consumers and financial advisors to provide a comprehensive view of the retirement landscape.

The study found wide disparity in investable household assets among peak 65 consumers, which shapes their outlook on retirement. Fifty-one percent have less than $100,000 in assets, 25 percent have assets between $100,000 and $500,000, 13 percent have assets ranging from $500,000 to $1 million, and 11 percent possess assets exceeding $1 million.

Jean Statler, chief executive officer of the Alliance for Lifetime Income, emphasized the financial uncertainty many face.

“More than half of Peak 65 consumers have saved $100,000 or less. It’s almost certain they will run out of savings and have to rely on Social Security as their only income,” Statler said in a statement.."

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^{YOUR KIDS}

Millions of kids under 18 now serve as caregivers, balancing school with family duties

You’ve likely heard of the “sandwich generation” -- people who are caring for their aging parents and their young children.

7News Adrianna Hopkins has covered that topic at length but recently came across a startling statistic: 5.4 million people under 18 years old are caregivers, taking care of a parent, grandparent, or sibling. 
Adrianna spoke with Lakelyn Eichenberger, a gerontologist at Home Instead, who explained the trend:

“That's really due to a variety of trends. In terms of our demographic shift here in the U.S., we're seeing people living longer; we're seeing them having fewer children. So there are fewer people in the family to provide care to the older members of the family. And people are having children later in life. So, as they age, they're more likely to have some chronic conditions that require care. And so that's why we're seeing young people having to step up and support those aging members of their families.”

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CARING FOR PARENTS

Black men are a hidden segment of caregivers. It's stressful but rewarding, too

Robert Turner didn't expect the last 24 hours to go this way.

His father, who's 85, ended up in the hospital overnight. Turner has just picked him up and helped him into the car so he can take him back to the family home in Piscataway, New Jersey.

Once he's back in the driveway of the house he grew up in, Turner eases his dad out of the car and with the help of their home health aide, supports him up the stairs and settles him into a chair in the living room.

"It's good to be back from the hospital, right?" he asks his father, as the two sit eating ice cream together. His dad agrees.

Turner is one of a growing group: Black male caregivers. Almost 40 percent of caregivers of older adults are men, and a third of that group is Black. But Black men face some issues other guys don't. One is their health: African-American men have the worst health outcomes of any group in the U.S. They are less likely to be married than other caregivers, and more likely to be taking care of someone by themselves. As a group, they also deal with negative perceptions of who they are.

"Black men in America, given our profile and treatment, many men feel as though life is stressful on so many different levels," says Turner.

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YOUR JOB

Caregivers are struggling to handle work and family duties. Employers can offer more help.

How a better approach to parental leave could help HR achieve gender equity

^{_{Deloitte’s new diversity, equity and inclusion strategy aims to increase the number of women in senior leadership by revolutionising parental leave, elevating part-time work and making managers at all levels more accountable}}.

For more than 20 years, professional services organisation Deloitte has made gender equity a priority. The company aspires to achieve 40:40:20 gender representation at all levels by 2027.

This commitment has had a significant impact. Already, women work in 50 per cent of all roles up to management level.

However, in 2021, Deloitte realised that achieving change at higher levels was more difficult.

The proportion of women working as senior managers and directors was plateauing at around 30-35 per cent. This, in turn, affected female representation at partner level.

Deloitte decided that a dramatic solution was needed. So, the company charged its People and Purpose team, led by Pip Dexter, with reinventing Deloitte’s approach to diversity, equity and inclusion.
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