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Financial Gerontology columnist, the Journal of Financial Service Professionals.
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As the financial services field moves toward holistic retirement planning and away from a transactional environment, the piece that is often missing is a deep knowledge of aging consumers and how their needs change over time. Some financial professionals believe their role is to focus on finance and leave these aging-oriented topics to other professionals or family members. But the financial professionals who involve themselves with non-financial issues like those described in this column will develop stronger relationships with their clients and are better equipped to help them as they navigate the aging continuum.

Vol. 72, No. 3 | pp. 37-42
This issue of the Journal went to press in April 2018. Copyright © 2018, Society of Financial Service Professionals. All rights reserved.
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Many people who have held busy and demanding jobs that provided fulfillment are seeking help with the transition from a productive career to another stage in life. Moving into retirement can be puzzling, disorienting, and sometimes depressing. Retirement can have its ups and downs, all at the same time. There are pleasures in being free from the daily grind. At the same time, the lack of focus and structure, coupled with a sense of loss in terms of age and position can eventually leave an empty feeling inside. Advisors need to help clients find their purpose and answer the inevitable questions of “Now what?” and “What’s next?”

Vol. 72, No. 1 pp. 31-34
This issue of the Journal went to press in December 2017. Copyright © 2018, Society of Financial Service Professionals. All rights reserved.
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People who have reached age 75 are at the midpoint of their retirement and have had a wake-up call about the need to confront the realities of aging and what lies ahead. We examine their changing and conflicting attitudes toward money, health and long-term care, living arrangements, work and leisure, and legacy and mortality, and provide insights as to how advisors can help them prepare both financially and psychologically.

Vol. 71, No. 1 pp. 35-39
This issue of the Journal went to press in December 2016. Copyright © 2017, Society of Financial Service Professionals. All rights reserved.

Other Articles:

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  • Forbes
  • Time/Japan
  • Next Avenue
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The 65‐Plus Age Wave and the Caregiving Conundrum: The Often Forgotten Piece of the Long‐Term Care Puzzle
Sandra Timmermann, Ed.D.
Both family caregivers and those who work as paid caregivers are the backbone of the long‐term care system, but are often the forgotten link in the long‐term care financing discussion. Families continue to provide the lion’s share of care. It is estimated that there are approximately 65 million caregivers, representing nearly 39 percent of the population; 7 in 10 are working. Family caregivers are stretched to the limit, juggling work and caregiving responsibilities, which takes a toll on their personal health and finances. Paid caregivers are a critical element in the care continuum, both in the home and in facilities, but with low wages and few opportunities for advancement, the jobs are difficult to fill, turnover is high. and the potential for elder abuse is always present.
With the aging of the baby boomers and the prospect that many of them will live into their 80s, 90s and beyond, it is critical to address the caregiving crisis and come up with supportive mechanisms, financing strategies and creative solutions to meet this growing need. The subject is not only of concern to families and public policymakers, but also to the financial services industry as it develops new long‐ term care products and services.
There are four inter‐related factors that should bring caregiving issues to the forefront in policy discussions:
1. The increasing reliance on family members as the primary caregivers and the impact of caregiving on their health, employment status, and financial security, as well as on their productivity in the workplace, which impacts the employer;
2. The rise of the aging‐in‐place movement, which points to the need for community‐based infrastructures and financial solutions to support the care recipient and the family;
3. The impending shortage of paid caregivers, holding low‐wage job such as home health aides, nursing assistants and personal care aides; and
4. The rising cost of long‐term care services and the lack of personal planning for a long‐term care event, impacting the finances of both the care recipient and the family.
The paper provides an overview of the situation, including current data, in each of these four areas; highlights some innovative programs and initiatives that are underway by communities, employers and policymakers; and offers some “blue sky” strategies and solutions for both the public and private sectors to bring these issues to the top of the national agenda.