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Family Caregiving: State of the Art, Future Trends March 6, 2007 . Cindy Hounsell, President Women’s Institute for a Secure Retirement. Basic Needs of Retirees 1. Income 2. Medical Coverage & Prescription Drugs 3. Long-term Care. Sources of Retirement Income (The 5-legged stool)

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family caregiving state of the art future trends march 6 2007

Family Caregiving: State of the Art, Future Trends March 6, 2007

Cindy Hounsell, President

Women’s Institute for a Secure Retirement

i retirement needs and sources of income
Basic Needs of Retirees

1. Income

2. Medical Coverage & Prescription Drugs

3. Long-term Care

Sources of Retirement Income (The 5-legged stool)

1. Social Security

2. Pensions

3. Savings/Investments

4. Earnings from work

5. SSI (Supplemental Security Income)

I. Retirement Needs and Sources of Income

Women’s Institute for a Secure Retirement

women need more retirement income
Women Need More Retirement Income
  • Women live longer.
  • Women are more likely to need long-term institutional care.
  • Women are more likely than men to be single and not remarry.
  • 23.6% of women age 65 and over, who are alone, live below the poverty level.
  • Because of the need for income, women are less likely to be able to afford to leave the work force.

Women’s Institute for a Secure Retirement

risks of retirement
Risks of Retirement
  • Longevity, outliving assets and changes in family structure.
  • Unexpected health care needs and costs;
  • Loss of ability to live independently; and
  • Lack of available facilities or caregivers.

Women’s Institute for a Secure Retirement

caregivers face poverty risk
Caregivers Face Poverty Risk
  • When women assume caregiver roles, they are 2.5 times more likely to end up living in poverty.
  • Single women caregivers were 4 times more likely to live in poverty.
  • Nearly half were more likely to rely on SSI when they were older.

Women’s Institute for a Secure Retirement

costs of caregiving
Costs of Caregiving

Obvious examples include:

  • Loss of salary and benefits.
  • Loss of pay due to working part-time or reducing hours.
  • Loss of promotional opportunities that require more hours.
  • Loss of training opportunities that require travel.

Women’s Institute for a Secure Retirement

costs of caregiving1
Costs of Caregiving

Less obvious examples of caregiving costs:

  • Reduction in savings and investments.
  • Lost opportunities for compound returns or 401(k) matching contributions.
  • An inability to finance home improvements that could increase the resale value of a home.

Women’s Institute for a Secure Retirement

leaving your job or working part time
Leaving Your Job or Working Part-time

If you plan to leave your job or reduce hours to take over caregiving responsibilities:

  • Will you receive less from Social Security?

Social Security uses your best 35 years of work to calculate your benefit; zeros are added for fewer years.

  • How will leaving affect your retirement plan? Are you “vested” – usually takes 3-6 years to be vested?

Women’s Institute for a Secure Retirement

leaving your job continued
Leaving Your Jobcontinued
  • Do you have disability insurance and health insurance if you are hurt or become ill?
  • Consider how difficult it may be to re-enter the workforce.

Women’s Institute for a Secure Retirement

money mistakes women caregivers make
Money MistakesWomen Caregivers Make
  • Not making your finances a priority.
  • Using your money for everyday expenses, such as

purchases at the grocery and drugstore.

  • Trying to pay for everything when you really can’t afford it….look for help.
  • Not realizing you may end up living on your own some day.
  • Not saving for retirement because you are busy helping everyone else first – children and grandchildren.

Women’s Institute for a Secure Retirement

talk to siblings about the costs of caregiving
Talk to siblings about the costs of caregiving
  • Talk to your siblings/family members about the costs of caregiving.
  • Consider asking them to help with those costs and/or to pay you as an independent contractor so you can contribute to an IRA or SEP-IRA.
  • Check your Social Security statement. Figure out how much additional income you will need.
  • Find an on-line calculator to help you calculate how much you need to save at www.wiserwomen.org.

Women’s Institute for a Secure Retirement

conclusion
Conclusion

Directions for Policy

  • Integrated retirement policy– should include Social Security, employer retirement plans, savings, and long-term care.
  • Government needs to understand the limits on individual action.

Women’s Institute for a Secure Retirement