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Between the Ages of 51-61? Expect At Least One Major Lifestyle Change

old_woman_with_rosesBy Pamela D Wilson, The Care Navigator, CSA, MS, BS/BA, CG

According to a study by the Center for Retirement Research at Boston College (1), nearly seventy five percent of individuals between the ages of 51-61 will experience a negative event that will affect their long term financial security and lifestyle. These shocks include job layoffs, widowhood, divorce, diagnosis of new health problems, or having to help frail parents or in-laws; 28% of these adults already have their own health issues.
Adding to the complexity of helping frail parents or in-laws, a recent study by the Alzheimer's Association (2) indicates that ten million caregivers provide care to a person age 60 or older with Alzheimer's disease. Many of these individuals are generally unprepared for what may be a very long journey of providing care to a loved one that is physically and emotionally exhausting not to mention financially draining.
The study cites that total per-person payments from all sources for health and long-term care were three times higher for Medicare beneficiaries aged 65 and older with Alzheimer's and other dementias than for other Medicare beneficiaries in the same age group ($33,007 compared with $10,603 per person). (3)
These issues not only have a profound effect on our daily lives but on society in general because they exert cost pressures on health care, government benefits, employment, social security, long term care and many related areas. With available statistics like this, why are individuals so shocked when an event occurs that tosses their lives into uncertainty? The reality is that many of us go through life day to day just making due, unable to plan for our future. Even when young, we dispute the wisdom and advice of our parents; especially the importance of education.
The CRR study shows that lifestyle shocks are especially common among those with limited education. Fifty two percent of individuals age 51-61 without high school diplomas developed new medical conditions over this ten year period compared to 43% of high school graduates and 33% of college graduates. These medical conditions include severe disabilities and conditions that result in work limitations resulting in ability to earn income and save for retirement.
The results of this study relate to the financial impact of a variety of issues some within our control like divorce and health problems (assuming we take proper care of ourselves) and others not in our control like job layoffs, widowhood, or having to help frail parents or in-laws. However the foundation for many of these issues and how we learn and work through them began with the relationships with our parents and begin with the relationships we now as parents cultivate with our children. This includes the way that we respond to authority, our ability to get along with others, the way we react to a variety of situations, establishing morals and taking responsibility and initiative for our own lives.
It's no secret that many of us learned from our parents> Our lives model their lives unless somewhere along the way an intervention occurs that causes us to change course for the better or worse. If we expect the shocks of life to improve for current and future generations we must take individual responsibility for our own families and continue to educate ourselves on a wide variety of subjects. In addition, we must advocate and support larger issues through the system of government.
The current administration has goals for improving not only health care but education and unless we participate in shaping these goals the outcomes may not be what we expect. There are two websites where you can learn more about contacting your senators and representatives. Visit www.senate.gov and www.house.gov to learn more about issues currently under review. Take steps now for a better tomorrow.
References:
(1) Copyright 2005, Richard W. Johnson, Gordon B.T. Mermin, and Cori E. Uccello. When the Nest Egg Cracks: Financial Consequences of Health Problems, Marital Status Changes and Job Layoffs at Older Ages. Center for Retirement Research at Boston College www.bc.edu/crr
(1) Alzheimer's Association 2009 Alzheimer's Disease Facts and Figures, to be published in Alzheimer's & Dementia, Volume 5, Issue 3.
(2) Bynum, J. Characteristics, Costs, and Health Service Use for Medicare Beneficiaries with a Dementia Diagnosis: Report 1: Medicare Current Beneficiary Survey (Lebanon, N.H.: Dartmouth Institute for Health Policy and Clinical Care, Center for Health Policy Research, January 2009).

According to a study by the Center for Retirement Research at Boston College (1), nearly seventy five percent of individuals between the ages of 51-61 will experience a negative event that will affect their long term financial security and lifestyle. These shocks include job layoffs, widowhood, divorce, diagnosis of new health problems, or having to help frail parents or in-laws; 28% of these adults already have their own health issues.

Adding to the complexity of helping frail parents or in-laws, a recent study by the Alzheimer's Association (2) indicates that ten million caregivers provide care to a person age 60 or older with Alzheimer's disease. Many of these individuals are generally unprepared for what may be a very long journey of providing care to a loved one that is physically and emotionally exhausting not to mention financially draining.

The study cites that total per-person payments from all sources for health and long-term care were three times higher for Medicare beneficiaries aged 65 and older with Alzheimer's and other dementias than for other Medicare beneficiaries in the same age group ($33,007 compared with $10,603 per person). (3)

These issues not only have a profound effect on our daily lives but on society in general because they exert cost pressures on health care, government benefits, employment, social security, long term care and many related areas. With available statistics like this, why are individuals so shocked when an event occurs that tosses their lives into uncertainty? The reality is that many of us go through life day to day just making due, unable to plan for our future. Even when young, we dispute the wisdom and advice of our parents; especially the importance of education.

The CRR study shows that lifestyle shocks are especially common among those with limited education. Fifty two percent of individuals age 51-61 without high school diplomas developed new medical conditions over this ten year period compared to 43% of high school graduates and 33% of college graduates. These medical conditions include severe disabilities and conditions that result in work limitations resulting in ability to earn income and save for retirement.

The results of this study relate to the financial impact of a variety of issues some within our control like divorce and health problems (assuming we take proper care of ourselves) and others not in our control like job layoffs, widowhood, or having to help frail parents or in-laws. However the foundation for many of these issues and how we learn and work through them began with the relationships with our parents and begin with the relationships we now as parents cultivate with our children. This includes the way that we respond to authority, our ability to get along with others, the way we react to a variety of situations, establishing morals and taking responsibility and initiative for our own lives.

It's no secret that many of us learned from our parents> Our lives model their lives unless somewhere along the way an intervention occurs that causes us to change course for the better or worse. If we expect the shocks of life to improve for current and future generations we must take individual responsibility for our own families and continue to educate ourselves on a wide variety of subjects. In addition, we must advocate and support larger issues through the system of government.

The current administration has goals for improving not only health care but education and unless we participate in shaping these goals the outcomes may not be what we expect. There are two websites where you can learn more about contacting your senators and representatives. Visit www.senate.gov and www.house.gov to learn more about issues currently under review. Take steps now for a better tomorrow.

References: (1) Copyright 2005, Richard W. Johnson, Gordon B.T. Mermin, and Cori E. Uccello. When the Nest Egg Cracks: Financial Consequences of Health Problems, Marital Status Changes and Job Layoffs at Older Ages. Center for Retirement Research at Boston College www.bc.edu/crr(1) Alzheimer's Association 2009 Alzheimer's Disease Facts and Figures, to be published in Alzheimer's & Dementia, Volume 5, Issue 3.(2) Bynum, J. Characteristics, Costs, and Health Service Use for Medicare Beneficiaries with a Dementia Diagnosis: Report 1: Medicare Current Beneficiary Survey (Lebanon, N.H.: Dartmouth Institute for Health Policy and Clinical Care, Center for Health Policy Research, January 2009).

Copyright 2011 Pamela D. Wilson, All Rights Reserved.

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