A Call for Dignity in Long Term Care and Aging

Baby boomers are getting older these days and as a matter of fact, 4 million Americans will turn 65. 

According to Ai-jen Poo, the country is in the cusp of a major shift. She discussed this in her new book, “The Age of Dignity: Preparing for the Elder Boom in a Changing America. 

By 2050, there will be about 27 million Americans who will need any form of long term care, which she used as the core of her book.  Through her research and stories from older adults and caregivers, she provides solutions on how to avoid big problems in the future. 

Click here to read the full article to learn about the risk of poverty for those who will need nursing home, the growing need for home healthcare workers and more.

Baby Boomers Can Change Long Term Care in 5 Ways

The 78 million baby boomers in the United States will continue to shape society despite their old age. In what ways? Well, they are less likely to depend on their families and friends once the time comes that they will need assistance in carrying out their daily living activities like eating, bathing, toileting and the likes. 

Around 70% of people who are 65 and above will require long term care. By the year 2020, nearly 12 million people will need long term care, and this number will surely grow with the aging baby boomer population. 

Here are five ways baby boomers are changing long term care:

1. Baby boomers are living longer
2. Wishes to remain independent
3. Not purchasing insurance
4. Increase in government options
5. Diverse long term care options

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Long Term Care Estimates of Baby Boomers are Way Off

Middle-income baby boomers are unprepared for the high cost of long term care due to their wrong estimates. According to a new study by Bankers Life Center for a Secure Retirement, baby boomers expected that the annual cost of nursing home is $46,890 but the true cost is $90,520. 

These baby boomers only have investable assets of $2,500 to $100,000. But just a year of stay in a nursing home can wipe out their assets. This is the reason why people chose to work past the age of 65. Most boomers are optimistic when it comes to retirement but a lot of them are worried about meeting their financial needs in the future. 

The cost of long-term care is definitely one of the reasons whey baby boomers delay their retirement. This will surely go on since more people are living much longer and will require long term care. Statistics would reveal that around 70% of Americans 65 and above will require any form of long term care. 

Click here to read the full article.