While younger generations have been caring for their elders since the beginning of time, today’s concept of Elder Care is much different. Without going into an extensive analysis, we can recognize that advances in technology and healthcare have led to healthier lifestyles and life sustaining measures that underpin the trends of increased life expectancies. Add smaller new family sizes to the mix, and the percentage of our population over the age of 65 is growing rapidly. The following two charts tell quite a story!
The below graph shows an average life expectancy of around 70 back in 1960. Fast forward to today, Americans can be expected to live well into their 80’s and beyond.
Also, the percentage of the American population aged 65 or older is projected to grow from around 17% today to 23% later this century. So, when my children hit 65, one quarter of the population will be older than them!
Addressing the increasing needs of our aging population is a shared responsibility and does not fall solely on those in the healthcare industry. As advisors, we are guiding clients as they care for their elderly family members, and as they prepare for their own future. Personally, my two sisters and I have been caring for our 89-year-old mother who was hospitalized, then transitioned to a rehab hospital, then to a skilled nursing/rehab facility, and finally was able to make it back home after a four-month absence. What a challenge–and an education–that has been for us!
All of this is to say that we are committed to deepening our value to clients in this subject matter. From the financial to the non-financial aspects, as we go forward, we will be talking about the shared challenges this stage of life brings, as well as how to plan for the unique goals and needs of ourselves and our families. We will explore planning techniques, funding mechanisms, and resources available to help us navigate these challenges with success. Stay tuned!
If you have any questions on elder care needs, please feel free to reach out. If we can’t help, we will assist in finding someone who can.