Do you know what 256 million dollars (and some change) represents?
This is the dollar amount that equates to the unpaid time for caregivers in the United States.
September is Alzheimer’s Awareness month so, we are taking this opportunity on the Thrive For[e]ward podcast to discuss what is referred to as the Sandwich Generation.
In the broadest sense, the “sandwich generation” is the “caught in the middle” generation. They are caring for their own children and family, yet at the same time caring for a parent or family member. I happen to be a part of this large population and have met many others who happen to wear this title as well.
Eleven million caregivers (28 percent of all caregivers) provide unpaid care to an adult while also caring for children living in their home and 61% of them are women. And over half of these women are also employed so they are balancing their own career and responsibilities while also juggling the needs of their family members and those they care for. Talk about balancing a lot of hats to wear at once – which is why we dive into a little more about how to care for the caregiver.
Who are the Sandwich Generation caregivers?
What are the impacts of caregiving?
When we talk about impacts of life transitions, we know that they affect us:
To address all the impacts, we have to look closer at each area. With caregivers, it becomes difficult to balance the role and requirements alongside personal work and the demands of work. Caregivers are forced to compromise. They might give up work early by retiring or pass on a promotion. They might even use their own funds for care.
A caregiver in the Sandwich Generation is trying to balance and be there for everyone and we see that it can affect their own health and well-being.
I always say …
“We cannot pour from an empty cup. You need to be able to fill yours up too.”
So, I would ask you …
What are you doing for yourself?
How are you planning for yourself and your family financially?
The costs of health care and long-term care for individuals living with Alzheimer’s or other dementias are substantial, and dementia is one of the costliest conditions to society. In 2021, Alzheimer’s and other dementias will cost the nation $355 billion, including $239 billion in Medicare and Medicaid payments combined. Unless a treatment to slow, stop or prevent the disease is developed, in 2050, Alzheimer’s is projected to cost more than $1.1 trillion (in 2021 dollars). Source: Alzheimer’s Association.
Stay tuned for our episode at the end of the month where we will dive into what you can do now for yourself in order to plan around the costly impacts of care both strategically but also for your emotioemotional, physical, and mental health. Why would a financial advisor talk about that? Well friend, it’s because money touches every part of our lives and if we ignore that we ignore who you are.
At Forethought Planning we continue to support Alzheimer’s Association on their mission. I invite YOU to learn more about how you can join our team!
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