- $3 trillion — Amount Americans caregiving for their parents stand to miss out in wages, pension income and Social Security benefits.
- $324,044 — Amount women lose on average caring for their parents.
- $283,716 — Amount men lose on average caring for their parents.
Americans caregiving for their parents stand to miss out on an estimated total of $3 trillion in wages, pension income and Social Security benefits when they take time off or leave the workforce due to their caregiving responsibilities, according to a study.
The Metlife study, "Double Jeopardy for Baby Boomers Caring for Their Parents," reports that individually, average losses are $324,044 for women and $283,716 for men.
The number of adults providing care to a parent has tripled since 1994.
"Nearly 10 million adult children over the age of 50 care for their aging parents," said Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute.
“Assessing the long-term financial impact of caregiving for aging parents on caregivers themselves, especially those who must curtail their working careers to do so, is especially important, since it can jeopardize their future financial security."
The study also found that:
- Americans 50 years or older who work and provide care to a parent are more likely to report that their health is fair or poor than those who do not provide care.
- Due to leaving the workforce early, women lose $142,693 in wages, $131,351 in Social Security benefits and approximately $50,000 in pension income.
- Men lose $89,107 in wages when they leave the workforce early, $144,609 in Social Security benefits and $50,000 in pension income.
"There is also evidence that caregivers experience considerable health issues as a result of their focus on caring for others. The need for flexibility in the workplace and in policies that would benefit working caregivers is likely to increase in importance as more working caregivers approach their own retirement, while still caring for their loved ones."
Source: Metlife Mature Institute
The MetLife Mature Market Institute is MetLife's center of expertise in aging, longevity and the generations and is a recognized thought leader by business, the media, opinion leaders and the public. The Institute's groundbreaking research, insights, strategic partnerships and consumer education expand the knowledge and choices for those in, approaching or working with the mature market. - Americans 50 years or older who work and provide care to a parent are more likely to report that their health is fair or poor than those who do not provide care.
Showing posts with label aging. Show all posts
Showing posts with label aging. Show all posts
Friday, July 15, 2011
Baby Boomers Giving Care To Parents Soars...
Monday, August 16, 2010
Most Seniors Confused About New Health Reform Law...
A survey by Harris Interactive finds most seniors are confused about many important aspects of the new health reform law, including how it will affect their own Medicare coverage:
22% understood that the new law would not cut their basic Medicare benefits.
14% were aware that the new law is projected to reduce the budget deficit.
14% knew that the law does not cut Medicare payments to doctors.
24% of seniors knew that it is projected to extend the solvency of the Medicare Trust Fund.
22% knew about improvements in chronic care.
28% knew that the law improves the availability of long-term care at home.
33% knew about the new, free yearly Medicare wellness visit.
Source: National Council on Aging
22% understood that the new law would not cut their basic Medicare benefits.
14% were aware that the new law is projected to reduce the budget deficit.
14% knew that the law does not cut Medicare payments to doctors.
24% of seniors knew that it is projected to extend the solvency of the Medicare Trust Fund.
22% knew about improvements in chronic care.
28% knew that the law improves the availability of long-term care at home.
33% knew about the new, free yearly Medicare wellness visit.
Source: National Council on Aging
Friday, July 16, 2010
Why Rates of Return on Equity Are Likely to Drop Going Forward
As the world economy and financial system struggle to regain their footing, they must contend with a number of problems. One of these is a negative change in demographics.
The population is aging rapidly and the proportion of retired to working people is rising sharply. Although demographic projections of population, life expectancy, and fertility are not free from error, the nature of aging means that for all intents and purposes, demographics are our destiny.
As each year passes, there are proportionately fewer young people, and more older people in the work force. As a long-term trend, the unique combination of rising life expectancy and weak fertility rates will define the economic and asset environment. Unless the effects of population aging are offset by purposeful shifts in micro and macro policy, we are losing an important driver of economic growth, and therefore, of top-line revenues.
The loss of growth drivers arising from labor supply and labor market developments doesn’t mean that equity values are going to decline absolutely and persistently, but it does suggest that the rate of return on equity will drop compared with previous decades.
The population is aging rapidly and the proportion of retired to working people is rising sharply. Although demographic projections of population, life expectancy, and fertility are not free from error, the nature of aging means that for all intents and purposes, demographics are our destiny.
As each year passes, there are proportionately fewer young people, and more older people in the work force. As a long-term trend, the unique combination of rising life expectancy and weak fertility rates will define the economic and asset environment. Unless the effects of population aging are offset by purposeful shifts in micro and macro policy, we are losing an important driver of economic growth, and therefore, of top-line revenues.
The loss of growth drivers arising from labor supply and labor market developments doesn’t mean that equity values are going to decline absolutely and persistently, but it does suggest that the rate of return on equity will drop compared with previous decades.
Wednesday, April 21, 2010
Top Mobility Issues For Older Americans...
- 3,129 – Number of people per 10,000 between 50 and 64 who have trouble stooping, bending, or kneeling.
- 1,491 - Number of people per 10,000 between 50 and 64 who have trouble sitting two hours.
- 1,186 - Number of people per 10,000 between 50 and 64 who have trouble reaching over their head.
- 2,491 - Number of people per 10,000 between 50 and 64 who have trouble standing two hours.
- 2,010 - Number of people per 10,000 between 50 and 64 who have trouble pushing or pulling large object.
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