For some, retirement means ‘where will we play today’s round of golf?’ For others, it could mean, ‘do I pay for my meds or my rent?’ In either case, a few concerns touch every retiree. The topic of long-term care is one of them, at least subconsciously. The question that causes more than a few sleepless nights is, ‘What happens when I can’t take care of myself anymore?’
There are 6.2 million people living with Alzheimer’s disease in the U.S. alone, making it the fifth leading cause of death in the country. That’s roughly 1 in 9 people over age 65. That number is estimated to go up due to the COVID-19 pandemic. Unfortunately, these stats mean that many of us likely know someone with dementia or Alzheimer’s and may even have a family history of cognitive-related conditions.
As a large portion of the U.S. population grows older and life expectancy continues to increase, many caregivers in their 40s and 50s are finding themselves a part of the “sandwich” generation, or those who are often caring for both their children and their aging parents.
Social Security checks may see a huge raise next year. Will it be enough?