There are many ‘baby boomers’ that are in the same boat.
That is , they are taking care of their parents and their children.
According to Metropolitan Life Insurance,
At a time when many should be enjoying the last years of their own children at home, they are spending time and energy and money caring for their aging parents.
There are There are nearly 10 million adult children over the age of 50 that care for their aging parents. That is 1 in 4 adult children, mostly Baby Boomers. These family caregivers are themselves aging as well as providing care at a time when they also need to be planning and saving for their own retirement. As a result, for these caregivers, it is a case of “double jeopardy,” according to the latest Metfile Study of Caregiving Costs to Working Caregivers.
This study that I read recently found that
- The percentage of adult children providing personal care and/or financial assistance to a parent has more than tripled over the past 15 years.
- The total estimated lost wages, pension, and Social Security benefits of these caregivers of parents is nearly $3 trillion.
An interesting statistic, (one worth separating from the others: )
Just as with child care,..women seem to take the brunt of this care….For women, the total individual amount of lost wages due to leaving the labor force early because of caregiving responsibilities equals $142,693. The estimated impact of caregiving on lost Social Security benefits is $131,351. A very conservative estimated impact on pensions is approximately $50,000. Thus, in total, the cost impact of caregiving on the individual female caregiver in terms of lost wages and Social Security benefits equals $324,044.
- Working and non-working adult children are almost equally as likely to provide care to parents in need.
- Adult children 50+ who work and provide care to a parent are more likely to have fair or poor health than those who do not provide care to their parents.
And, this is where The Doctors’ Insurance Agency,
Long Term Care Insurance (LTCI) can help.
The fact is that you have insurance to protect you against losses that could ruin your financial situation.
· You have car insurance if you have an accident.
· You carry house insurance if there is a fire or windstorm.
· You have medical insurance to cover the huge medical expenses due to a hospitalization.
· You bought life insurance to protect your family if you died.
Long Term Care Insurance can protect you AGAINST A CATASTROPHIC LOSS THAT WILL HAPPEN TO OVER 43% OF THE PEOPLE THAT REACH AGE 65.
The fact is that within four years it is easy to spend up to $ 200,000 in service and / or to nursing homes.
Just as with Professional Liability Insurance, it is easy to protect against the losses, these risks can be transferred, they just have to do it.; We can help you take action.
A smart advisor says that all successful investors set up systematic plans of investing, Systematic savings is the path to success,
NOT guessing correctly in the stock market, timing your investments and saving on insurance dollars. The smart way to build wealth and maintain it and to protect your families is to purchase the right kind of insurance and to transfer that risk to the insurance companies.
We have information that may prove to be helpful to you. There are several different methods to help defray these expenses and we would like to provide you with the information.