We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Blog + Articles

Categories

  • Industry Articles (13,780)
  • Industry Conferences (2)
  • Negative Media (128)
  • Positive Media (73)
  • Sheryl's Articles (526)
  • Sheryl's Blogs (150)
  • Wink's Articles (203)
  • Wink's Blogs (177)
  • Wink's Press Releases (80)
  • Blog Archives

  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • May 2008
  • February 2008
  • Caught in the middle: Today’s older adults are caring for adult children and aging parents

    October 23, 2019 by Nationwide Retirement Institute

    COLUMBUS, OhioOct. 16, 2019 /PRNewswire/ — For many older adults, seeing parents, children and even grandchildren is a regular occurrence, often because they are living under the same roof or providing ongoing care. But taking care of extended family can be both a blessing and a challenge for many older adults who balance providing for aging parents and their own children. Commonly known as the sandwich generation, this group not only has to prioritize caregiving but also planning for their own retirement. For some, this has been the plan all along, while for others, it is out of necessity.

    A new Nationwide Retirement Institute® survey conducted online by The Harris Poll of 1,462 adults age 50 or older with investable assets of at least $50,000 who are retired or planning to retire within the next 10 years reveals nearly two in five of these “older adults” (38%) have or have had their adult children live with them, while about one in five (16%) have or had their parents live with them. In addition, 21% of older adults are somewhat or very concerned about financially supporting their adult children and/or parents.

    Contrastingly, only 15% of older adults expect their adult children to live with them when they get older and even fewer (12%) expect their parents to live with them when they get older. In addition, only 12% expect to be a caregiver (excluding those who are or were caregivers), while in reality one in three older adults either are or have been a caregiver.

    “Today’s reality is hard for older adults caring for aging parents or adult children, as they will likely be caregivers and need a caregiver themselves in the not too distant future,” said Kristi Rodriguez, vice president of thought leadership for Nationwide Financial. “This generation can prepare for their own future now while also considering that of their parents and children by establishing a plan that accounts for their own long-term care and addresses the current impact caregiving has on their finances, retirement plan and experience.”

    Caregiver challenges

    Nationwide Retirement Institute’s annual survey included a separate sample of 516 U.S. adults age 50 or older who are or have been caregivers, meaning they have or are now providing paid or unpaid long-term care to a friend or family member, not through an agency, business or non-governmental organization. The survey reveals the impact and challenges of being a caregiver. On average, caregivers spend 54 hours per week fulfilling their role and some experience financial pain points.

    Few caregivers have received any financial support for their efforts and more than half (62%) spend their own money on caregiving expenses. On average, caregivers who pay out-of-pocket for related expenses spend an average of $4,012 of their own money per year on caregiving expenses. In addition, 21% of caregivers fear that caregiving expenses will prevent them from ever retiring.

    Beyond time and financial commitments, half of caregivers (48%) say they face added stress in balancing things and nearly one in four (26%) say that their own health has been negatively impacted. However, many caregivers are grateful to provide care to their loved one with over a third (37%) saying that being a caregiver has brought meaning and purpose into their life.

    “Balancing these challenges can be difficult but caregivers shouldn’t overlook their own retirement,” Rodriguez said. “Setting aside time to develop a plan with an advisor can help them focus on the meaningfulness and sense of purpose they experience as a caregiver versus the impact on their current and future finances.”

    When the caregiver needs caregiving

    The survey reveals 54% of older adults would rather die than live in a nursing home, yet half (50%) are worried about becoming a burden to their family as they get older. In addition, about three in four (74%) prefer to receive long-term care in their own homes, but only 53% expect to be able to achieve that. Only 5% indicated they would prefer to live in a family member’s home while receiving long-term care, yet most of the help provided to older adults (83%) comes from family members, friends, or other unpaid caregivers.1 Forty-two percent of older adults say they are concerned about becoming a burden to their children, which may be why they do not want to receive care in a family member’s home.

    In addition, a majority (58%) of older adults would like to have the option of relying on a family member if they needed long-term care; however, they would not expect help from (72%) or rely on (69%) a family member unless they were able to pay them.

    “Older adults fear nursing homes but are concerned with becoming a burden to their families,” Rodriguez continued. “One of the greatest gifts you can give your family is creating a plan to address health care and long-term care costs in your retirement. Today, many older adults don’t discuss their long-term care needs, and as a result of not planning, many have fewer options when they do need care.”

    Concerningly, many older adults are not taking advantage of long-term care insurance and planning; only 25% currently have long-term care insurance for themselves or someone else.

    Older adults keep their biggest retirement fear to themselves

    Only 41% of older adults are confident in their plan to pay for long-term care expenses. Despite their concerns, more than a third (36%) have not discussed long-term care costs with anyone including a spouse, partner, children or financial advisor. Less than a third (32%) of older adults plan on discussing long-term care costs with a financial advisor.

    One reason people may avoid the conversation is that a third of older adults (34%) doubt they will live long enough to use long-term care insurance. More so, 46% of older adults think a long-term care policy is most often used in a nursing home, while in reality, the majority of long-term care insurance claims (52%) are used for home health care provided by paid professionals.2

    “Developing a plan for long-term care costs based on an individual’s personal situation and future preferences can be impactful,” Rodriguez said. “Financial advisors can help people plan for and live in retirement by providing a fact-based estimate of long-term care costs and a unique plan of action to address those costs, which will also ease the burden on their own caregiver.”

    To simplify this complicated issue and encourage discussions around health care and long-term costs in retirement, Nationwide’s Health Care/LTC Cost Assessment tool uses proprietary health risk analysis and updated actuarial cost data such as personal health and lifestyle information, health care costs, and medical coverage. It provides a meaningful, personalized cost estimate that will help advisors and clients plan for future medical and long-term care expenses.

    To learn more about the 2019 Nationwide Long-term Care Consumer Survey, visit www.nationwide.com/ltcinsights. Advisors can learn more at www.nationwidefinancial.com/ltcinsights.

    Methodology

    This survey was conducted online by The Harris Poll on behalf of The Nationwide Retirement Institute between March 25 and April 10, 2019 among 1,462 U.S. adults age 50 or older who are either retired or plan to retire within the next 10 years, with investable assets of $50K or more (“older adults”). and 516 U.S. adults age 50 or older who are or have been caregivers. Caregivers are defined as those who have ever or are now providing paid or unpaid long-term care to a friend or family member, not through an agency, business, or non-governmental organization. Data for both groups are weighted where necessary by age by gender, race/ethnicity, region, education, income, marital status, and propensity to be online to bring them in line with their actual proportions in the population. Data for the older adults are also weighted as necessary by size of household, retirement status, and assets. Because the sample is based on those who were invited to participate in panels (and not random), we cannot calculate estimates of theoretical sampling error.

    About Nationwide

    Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.

    1 “Share of LTCI Claims Starting with Nursing Care Falls: AALTCI”, ThinkAdvisor, Allison Bell – April 20, 2018

    2 Alzheimer’s Disease Facts and Figures, 2019

     

    This material is not a recommendation to buy, sell, hold, or rollover any asset, adopt an investment strategy, retain a specific investment manager or use a particular account type. It does not take into account the specific investment objectives, tax and financial condition or particular needs of any specific person. Investors should work with their financial professional to discuss their specific situation.

     

    This information is general in nature and is not intended to be tax, legal, accounting or other professional advice. The information provided is based on current laws, which are subject to change at any time, and has not been endorsed by any government agency.

     

    Nationwide Investment Services Corporation (NISC), member FINRA, Columbus, OH. Nationwide Retirement Institute is a division of NISC.

    Nationwide, the Nationwide N and Eagle, Nationwide is on your side and Nationwide Retirement Institute are service marks of Nationwide Mutual Insurance Company. © 2019 Nationwide

    NFM-18916A

    Contact:

    Charley Gillespie

    (614) 249-6349

    charley.gillespie@nationwide.com

    SOURCE Nationwide

    Originally Posted at CISION PR Newswire on October 16, 2019 by Nationwide Retirement Institute.

    Categories: Industry Articles
    currency