Finances
Op-ed: Who are Seattle’s 47 percent? | Opinion | The Seattle Times
Op-ed: Who are Seattle’s 47 percent? | Opinion | The Seattle Times.
In my opinion, the article linked above paints a clear picture of what the 47 percent might encompass. As with any situation for which we have little understanding or exposure, it’s healthy to see what the flesh and blood of the situation equates to – put a face on it.
Making a generalization that those who don’t pay federal taxes are taking unfair advantage of government handouts seems so inaccurate – I guess that’s what generalizations are: inaccurate attempts (oversimplifications) to state something about which we have no understanding. Just about everyone with whom I associate has gone through difficult times – financial and otherwise – at some time in their lives. Not everyone stays hungry and without the means to get by – as if they would choose to remain that way year after year after year.
The above article introduces us to
- a 76-year old woman who works but is not able to pay her electricity bill;
- a well-dressed man with a Master’s degree in engineering who needs help with his rent who was very embarrassed to ask for help; and
- a woman battling cancer and diabetes at risk of losing a leg.
These individuals are not second-class citizens just because they’re going through a rough patch in life. I don’t consider myself a bad person because in the mid-1980’s I was laid off from my job as a program director at a cable TV company and had to collect unemployment insurance while looking for a replacement job. That time was temporary – as many trying times in life are.
Does this mean that everyone in need of a handout represents the “better angels of our culture?” No, there will always be those who try to bilk the system – heck, the big bankers and financiers did that very recently – and arguably, still are – and they certainly weren’t dining at the downtown food kitchen or struggling to pay their utility bills. We might categorize them as second-class citizens because of their greediness, but I dare say they look vastly different from those portrayed so cavalierly in the political arena during this current election season.
Lighten up Mondays.
A businessman was dining at a fancy restaurant and – so the story goes – met Lee Iacocca (extremely successful President & CEO of the Chrysler Corporation from 1978 to 1992 and considered the 18th-greatest American CEO of all time.)
“Mr. Iacocca,” he gushed, “the American business hero! I’ve studied your career, and any success I’ve had comes from emulating you. Would you do me a favor? I’m with some colleagues. Please come by my table, say ‘Hello, Harry,’ and let me introduce you. It would mean so much to me.”
Iacocca agreed. He waited for the man to sit down and then walked towards his table.
“Holy smoke!” cried one of Harry’s friends. “It’s Lee Iacocca, and he’s heading this way!”
“Hello Harry!” Iacocca said. “Introduce me to your friends.”
Harry looked at him blankly, “Come back later, Lee,” he said. “Can’t you see we’re trying to have some lunch!”
Baby Boomer gray divorce – I’m just not gonna take it anymore!
Kind of like the movie “Network” in the iconic scene where the actor Peter Finch, as Howard Beale, says, “I’m as mad as hell and I’m not gonna take this any more!”
What is often left out from that quote is the statement made just prior, “I’m a human being. My life has value.” I think some spouses in their 50’s through their 80’s decide that after decades of a somewhat dissatisfying, or perhaps an abusive, marriage they realize that they have a whole lifetime ahead of them and decide that they deserve better. In an article from the AARP June 2012 Bulletin, one of the reasons for a late-in-life divorce centers around the fact that longer lives mean more years with an incompatible spouse. And even though the overall divorce rate in the United States has decreased since 1990, it has doubled for those over age 50.
Jay Lebow, a psychologist at the Family Institute at Northwestern University says, “If late-life divorce were a disease, it would be an epidemic.”
Wow!!!! I had no idea! I’m fortunate in that my second marriage at the age of 47 is still one in which I am very happy now twelve years later. There are those, however, with whom I am acquainted who stick to the dictum of “in sickness and in health, until death do us part” even through an abusive relationship (verbal, physical or otherwise) and, because they’ve been in it for the long haul, e.g., 30 plus years, they feel that they have no choice but to stay.
Why do those with abusive spouses – both male and female – cling to their marriage?
As I mentioned above – one reason is certainly the commitment to vows that were made at the height of a romantic relationship. And there are other reasons. An excellent therapist with whom I am acquainted who leads support groups for the abused told me that over the years, as abuse has prevailed in the household, the one being abused adjusts to each added level or intensity of abuse and becomes acclimated to each added degree. Added to this unwarranted commitment to their abusive spouse, they fear the unknown, even though it may bring about an abuse-free life. And without the help of good friends and powerful resources, a spouse in an abusive relationship may not have the tools that will give them sufficient confidence to make a decision that will benefit them the remainder of their life.
Divorcing later in life can often result in less time to recover financially, recoup losses, retire debt, and ride the ups and downs of the economy.
Some Baby Boomers out there have relished the security that their spouse or significant other has provided them in the form of financial stability. They’re thinking that perhaps it’s worth putting up with this person with whom I am incompatible to guarantee a comfortable enough life until one of us dies. Well – certainly that is a factor – but I personally believe that an individual’s life contains far more value than any bank account can provide. If someone is feeling devalued in their relationship, they have short-changed the remainder of their life. And if someone truly craves, absolutely longs for greater self-worth, nothing will stop them from satisfying that need. I guess you have to look at the options and determine if you’re willing to go with it:
living in a mortgage-free home without financial concerns with someone who tears you down, or renting a one-bedroom apartment with thrift store furnishings, that frees you from a relationship that has prevented you from being your true, and valued self.
But who will take care of me in my old age?
A 2009 National Alliance for Caregiving/AARP survey found that 66% of caregivers were female, with women providing on average 22 hours per week vs. 17 hours for males. In a divorce situation, “older men may make out better financially than women, but they don’t fare so well at finding someone to take care of them when they’re older. They often don’t have alternative care networks the way women do,” says Andrew Cherlin, a sociologist at Johns Hopkins University. When asked who they will turn to when they’re older, single men often cite paid help – a pricey and somewhat difficult option to find. Some older divorced people have children or other family members who can assume the caregiving role, but not everyone does.
Gray divorce is occurring and there are certainly many factors to consider. I guess I’m of the belief that a bad marriage is not better than living alone. Whether you’re a Baby Boomer – or of any other generational group – only you can decide what you’re willing to sacrifice in order to obtain your sense of personal value. As far as I know, we’ve only been given this one life. This is not a dress rehearsal and there are no do-overs.
Your thoughts?
But how am I supposed to do THAT?
But how am I supposed to do THAT?.
What a terrific article provided in the above link from the “Taking Care of Mom and Dad” blog site. The information provided in this article is valuable, and as Kelli mentioned on her blog, it’s not just specific to the state in which it originated, Oklahoma. The information provided is applicable everywhere because let’s face it – every caregiver pretty much needs the same questions answered and this site has many one-size-fits all solutions for all caregivers who are grasping to stay afloat on their caregiving journey.
This same website can also direct you to your own state’s valuable resources by clicking on the applicable section on the Homepage. It’s as easy as that! And don’t we all need something to be easy every once and awhile?
ABSOLUTELY!!!!!
Long-term care (LTC) insurance policies: Rejection hurts.
An insurance agent from a large, widely-known insurance company recently told me that 50% of all applicants for long-term care (LTC) insurance are rejected. Boy, with those statistics, it’s hardly worth pursuing, knowing that the hurt of rejection might be in your future.
John Matthews, Caring.com senior editor and attorney gives all of us a reality check:
“No one has a ‘right’ to buy long-term care insurance. That results in insurance companies refusing to sell policies to people they think are likely to collect on the policies soon, or who might collect for a long time. If an insurance company thinks the odds are that it might not make money on you, it won’t sell you a policy.”
WOW – that’s encouraging isn’t it?
While doing research for this article, I found the information provided by insurance brokers about LTC insurance to be very enlightening. Apparently many LTC insurance companies will accept you as an insured if you have had open-heart surgery, but will balk at covering someone who has arthritis. Why you may ask? I was told it is because the insured with heart issues will die before needing benefits whereas the person with arthritis will most likely become disabled and therefore cost the insurance company too much money in benefits payout.
Wow – that’s depressing, and somewhat maudlin, isn’t it?
I stand by my earlier article, Long Term Care Insurance Scares Me. Insurers are trying to sell a product for which so few are eligible. I thought I was scared before. Now that I’ve done my research, I’m petrified!
Please share your experiences trying to obtain LTC insurance. Whether you were accepted or rejected – we want to know. If you were rejected and appealed the insurance company’s decision – we REALLY want to hear about it.
Moving Mom and Dad – or your spouse.
Moving Mom and Dad – Leaving Home is an article from the June/July 2012 AARP Magazine. Statistics on aging are astounding, and scary. “By 2020 some 6.6 million Americans will be age 85 or older.” That’s an increase of 4.3 million from the year 2000. Time to celebrate – right? We’re living longer – and in some cases – thriving in our older age. The reality of the situation, however, is that eventually we’ll need some sort of assistance with our activities of daily living (ADLs) that might require a move to a care facility of some sort.
The stories presented in the attached article describe family instances where emergent circumstances warranted an emergent decision to move a parent into some sort of care facility. The best case scenario, as this AARP article suggests is that you, “dig the well before you’re thirsty.” Nice sentiment – but not always possible.
I have written numerous articles for my blog that address the difficulties the caregiver, and the one needing care, go through when making the decision to choose a long-term care (LTC) facility for a loved one. Below are links to each of those articles. I hope they prove beneficial to you.
Deathbed promises and how to fulfill them.
Caregiving: The Ultimate Team Sport.
Selecting a Senior housing community – easy for some, not for the rest of us.
Adjustment disorder: a long-term care facility side- effect.
Baby Boomer + Aging Parent = a changing paradigm.
Planning for a wedding? FUN!!!!!
Putting together an extended vacation to a tropical paradise? EXHILARATING!
Figuring out how to help mom and dad with their increasing care needs? UNEXPECTED!
A recent National Public Radio (NPR) Story: Preparing for a Future that includes Aging Parents addresses the unexpected, and the unplanned for. Whether because we’re kidding ourselves or we really believe it, we oftentimes can’t imagine our parents as anything but the energetic, robust, independent mom and dad with whom we grew up. And if we don’t live near them, we’re falsely sheltered in our assumption that mom and dad are doing just fine; at least they were the last time we saw them during the Holidays! If we’re honest with ourselves, however, we’ll admit that our infrequent visits with the parents shock us greatly as we notice a bit of feebleness in their manner, because as the above story states, “time does what it does.”
Surprisingly, only 13% of some 4,000 U.S. workers surveyed for the 2011 Aflac WorkForces Report considered that the need for long-term care would affect their household. We love to live blissfully ignorant, don’t we? We have so many of our own stresses and pressures associated with running our family household, we’re just not going to entertain having to be on-point with our parents’ needs as well. Guilty!
I became a long-distance caregiver in the Seattle, Washington area for my father who lived in an all-inclusive facility called a Continuing Care Retirement Community (CCRC) in Southern Oregon. The first eight years he lived there were worry free because my father was one of those robust parents who was on the path towards living to a ripe old age. He did live to a ripe old age, dying at the age of 89, but from the age of 84 until his death, Alzheimer’s invaded our family’s peaceful existence, and I found that even as a long-distance caregiver, I was on-point 24/7.
Caveat: my parents had purchased long-term care (LTC) insurance so none of us three offspring were financially responsible for my father’s care. But anyone who has been a caregiver for a loved one knows that care isn’t always equated to monetary expenditure. In my case, the constant need to travel to Southern Oregon to monitor his care and be the designated (self-designated) sibling best equipped to coordinate his care with the facility’s staff, lead to my decision to temporarily leave my career, which was, coincidentally, one in the long-term care housing industry. By the way – the answer was not to move him up to the Seattle area. His financial investment in this CCRC up to that point rendered that an untenable option.
Even though I absolutely relished this opportunity to give back to my father – and I truly did – it was very difficult on my household and me. My health temporarily suffered. Everything I did revolved around being available for my father and hopping on a plane at a moment’s notice. I lived in a five year period of dreading the ringing of my home phone or mobile phone because it most likely meant that something needed tending. And getting home and finding NO voicemails in our phone system was cause for celebration.
But enough about me.
Are you prepared for the eventuality of attending to your parents’ care or are you already on that journey?
Or maybe you are already caring for a spouse with medical or cognitive needs. How are you managing that difficult task?
Let us hear from you. Not talking about it won’t make it go away. It’s time to face the piper and be as prepared as we can for the inevitable.
Elder Abuse Checklist
All of us need to be aware of the varying signs of elder abuse- financial or otherwise. I hope this article from another Blog proves helpful to one and all.
Long Term Care Insurance scares me.
insurance, n. A thing providing protection against a possible eventuality. Concise Oxford English Dictionary, 11th Edition; 2004.
Auto insurance, home or renters insurance, and health insurance – we understand these policies and know that more likely than not the need for the aforementioned insurance policies will rear its ugly head in the near or distant future so we pay the premium for said policies, hoping we won’t need it, but sleeping better at night because we have it.
Why is purchasing long-term care insurance such a difficult step to take for me and my husband?
- Unquestionably, it’s expensive;
- Fearfully, companies who offer this product are going out of business left and right and may leave us holding an empty bag;
- Definitely, it’s a real difficult type of policy to understand; but
- Undeniably, the financial need for it can outweigh the cost of purchasing it.
My husband and I have still not made an effort to look into it further. Here are my two reasons based on family experience – both of which tend to contradict each other:
My father’s long-term care insurance policy. My father had a long-term care insurance policy for which he paid premiums for at least 20 years – no small amount of money to be sure. He was diagnosed with Alzheimer’s at the age of 84 and died five years later. His care needs at the retirement facility in which he had lived for 13 years didn’t meet the insurance reimbursement threshold until his final month of life. As with most policies, the insurance holder’s care needs must meet a defined level of care before the insurance company kicks in their assisted living care reimbursement payments. When that happens, the insurance holder no longer pays any more premiums. Twenty years of paying premiums for one month of reimbursement benefit.
My sister-in-law’s long-term care policy. My brother and sister-in-law purchased their long-term care insurance policies when they were in their late fifties. Less than a year later my sister-in-law was diagnosed with early-onset dementia and approximately two years later drew benefits from her policy. A couple of years of paying premiums for what will be years of reimbursement benefit. If that isn’t the good news/bad news of long-term care insurance I don’t know what is!
I have no excuse. I know the devastating costs of long-term care because in my past professional life I worked for a senior housing provider and they represented the Champagne & Chandelier variety of assisted living. But even the generic assisted living providers charge high rental rates and as ones’ care needs increase, so do the care fees. This isn’t avoidance behavior on my part and I’m not squeamish about the subject of health and ones’ eventual death. I’m just finding it hard to take this leap into signing up for insurance, even though it holds the assurance of fending off the potential of total personal financial collapse without it.
How are you Baby Boomers dealing with this subject? If you finally bit the bullet and purchased a policy – how did you finally take that leap of faith?
I AM NOT LOOKING TO BE BOMBARDED BY SELLERS OF INSURANCE AS A RESULT OF THIS BLOG ARTICLE SO PLEASE DON’T GO THERE. But I welcome other constructive feedback for those of us on the brink of making this difficult decision.
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Living: the ultimate team sport 