1. Where Innovation Is Tradition Who Needs You? Incorporating Family and Friend Caregiving into your Retirement Plans Cathy Tompkins ctompkin@gmu.edu 703-993-2838 George Mason University July 18, 2013 A presentation for the Chesapeake Life Planning Network 1

2. Where Innovation Is Tradition My Background 2

3. Where Innovation Is Tradition Caregiving in Retirement How Long will I Live after Retirement? Life Expectancy – (AoA, Current figures based on 2010 Census) 3 MenWomen Birth = 73 years At age 65 = 89 years Birth = 80 years At age 65 = 99 year

4. Where Innovation Is Tradition Caregiving in Retirement The Longevity Game http://www.northwesternmutual.com/learning-center/the-longevity-game.aspx 4

5. Where Innovation Is Tradition Retirement Retirement: Leaving the paid labor force to pursue other interests. Can be voluntary or forced, planned or unplanned. For some, brings with it an uncertainty regarding having enough resources to have a comfortable situation. Income can come from private pension plans, Social Security or other government programs or from re- entering the work force. 5

6. Where Innovation Is Tradition Satisfaction and Well-Being Take control of your time (with caregiving – often lose control of your time) Research on retirement adjustment suggests that marriage and family relationships serve as social-relational resources in retirement adjustment (Murtran, et al., 1997) 6

7. Where Innovation Is Tradition Life Course Perspective The dynamic process of development and change over the life span. Ecology of human development/role context – suggests locating transitions in the social contexts of other roles, relations and developmental processes. Retirement – a life course ecological transition; need to consider the inter dependency of linked lives, and context 7

8. Where Innovation Is Tradition Role Theory Helps to explain adjustment in retirement in conjunction with the life course perspective Vulnerable to feelings of role loss; employment is central to one’s identity; can lead to a decline in morale and an increase in depressive symptoms May be a major life course/role exit – reducing role strain and overload 8

9. Where Innovation Is Tradition Continuity Theory People tend to maintain earlier lifestyle patterns, self-esteem and values; retirement may not lead to maladjustment or distress. 9

10. Where Innovation Is Tradition Role Substitution Exploring ways to replace “roles” and functions in the workforce with substitute roles in retirement Civic Engagement – being involved with community and political affairs Researchers have found that retirees who considered themselves engaged were volunteering as well as working (Kaskie and Gerstner [2004] 10

11. Where Innovation Is Tradition Civic Engagement Does civic engagement constitute a retirement role rather than discrete attitudes or behaviors? An individual’s sense of civic engagement usually develops slowly over the life course: Voting at age 18 Spending the afternoon volunteering in a nursing home Community service hours 11

12. Where Innovation Is Tradition Caregiving Caregiving outside of your own family can be considered a form of civic engagement. How many retirees are seeking this type of role substitution relative to other roles that can be gained as a part of civic engagement (e.g. political advocacy, tutoring children, etc.). 12

13. Where Innovation Is Tradition Caregiving Outside of Your Family Caregiving outside of your own family may carry a substantial amount of stigma. The availability of caregivers who are taking on that role as part of their civic engagement is limited. 13

14. Where Innovation Is Tradition Caregiving in Retirement 14 http://www.youtube.com/watch?v= DC2CM7UVzPQ

15. Where Innovation Is Tradition Caregiving in Retirement What will I do During My Retirement Years? The Ideal Continue working Volunteer Travel the World Spend more time with my hobbies (gardening, reading, knitting, playing golf…) Babysit my grandchildren (occasionally) Spend more time (not all of my time) with my elderly parents/family members 15

16. Where Innovation Is Tradition Caregiving in Retirement What will I do During My Retirement Years? The Unexpected Caring for a Frail Elder 16

17. Where Innovation Is Tradition Caregiving for a Family Member In 2009, an estimated 43.5 million people in the U.S. (19% of all adults) provided unpaid care to a family member or friend age 50 or older (National Alliance for Caregiving, 2009) with an estimated value of approximately $450 billion (Freinberg, Reinhard, Houser, & Choula, 2011) 17

18. Where Innovation Is Tradition Informal Caregiving Informal caregiving is a complex and interdependent phenomenon involving individual and family decisions and actions which are also influenced by community and societal factors. 18

19. Where Innovation Is Tradition Informal Caregiving When an older person’s decline in health and functioning require care and assistance with person care (e.g. bathing, dressing, etc.) and instrumental support (grocery shopping, housekeeping, managing finances, etc.), family members respond in different ways depending on personal relationships, time, motivation, and financial situations. 19

20. Where Innovation Is Tradition Caregiver Stress Time Effort – limited personal free time and rest for the caregiver, sleep and recuperation from the day, and the personal health of the caregiver Financial Hardship – caregivers are often forced to make difficult choices between work and caregiving responsibilities, which may affect career trajectories and future retirement income. 20

21. Where Innovation Is Tradition Current Research – Who Becomes Family Caregivers Capability - a caregiver is “capable” if he or she has enough discretionary time and lives close enough to realistically provide instrumental care. Motivation – a desire and sense of obligation after weighing out the costs and benefits. Is there a bond/attachment? What is the expectation of financial hardship of the potential caregiver? 21

22. Where Innovation Is Tradition Caregiving in Retirement What will I do During My Retirement Years? The Unexpected Kinship Care 2.7 million grandparents are responsible for the basic needs of their grand- children 22

23. Where Innovation Is Tradition Kinship Care 60% of these grandparent caregivers are in the workforce 21% live below the poverty line 36% have provided care for the children for more than five years Grandfamilies save tax payers more than 6.5 billion dollars each year by keeping children out of foster care (Generations United, 2010) 23

24. Where Innovation Is Tradition Kinship Care 4,912 grandparents are providing kinship care to grandchildren within Fairfax County (2005-2009 American Community Survey). 24

25. Where Innovation Is Tradition Civic Engagement -Volunteer Opportunities Relative to Caregiving Volunteer opportunities for Retirees: RSVP - matches the personal interests and skills of older Americans with opportunities to serve their communities (from a few hours to 40 hours per week). Examples of volunteer opportunities include: Tutoring children, building houses, helping children get immunized 25

26. Where Innovation Is Tradition Volunteer Opportunities (continued) Senior Companion Program - touch the lives of adults who need extra assistance to live independently in their own homes or communities. Senior companions serve frail older adults, adults with disabilities, those with terminal illnesses, and offer respite for caregivers. They assist their adult clients in basic but essential ways by offering friendship, doing simple chores, providing transportation etc… 26

27. Where Innovation Is Tradition Eldercare Locator A public service of the U.S. Administration on Aging. It is the first step to finding resources for older adults in any U.S. community. The service links those who need assistance with state and local area agencies on aging and community-based organizations that serve older adults and their caregivers: http://www.eldercare.gov/Eldercare.NET/Public /Index.aspx 27

28. Where Innovation Is Tradition Advocacy Caregiver Support Legislation $3,000 Tax Credit 28