Money in the Middle

Sandwich Generation Talking About Money Up, Down and Across Generations

Less Help from Employers with Retirement and Eldercare

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 Retirement planning, investment advice, elder care services – just three benefits that employers are cutting back on at just the time when more of us need them.

 It is a sign of the times…and economic reality.  Benefits increase costs and employers have just been through rounds of cost cutting. While cutting benefits has allowed more to keep their jobs, it has shifted where we look to for assistance.   

You are on your own more than ever.

A new survey from SHRM (the Society for Human Resource Management) says:  

  • Companies offering defined benefit (pensions) are down to 27%; 
  • On the other hand, companies offering defined contribution (401(k) plans is up to 92%; 39% offer retirement planning service (compared to 52% in 2006); 
  • 40% of companies offer individual investment advice (down from 48% in 2006); and 
  • 11% offer elder care referral services (down from 26% in 2006). 

For many baby boomers, the employer has been the source of assistance and resources on planning for retirement and family services –whether it’s childcare or eldercare.  Not anymore.  And while some of these benefits may come back, when economic conditions become more stable, it may not be in enough time to help. 

But, the good news is that there are resources available to help.  And there are services available if you have the money and willingness to pay for assistance.  Here are some suggestions: 

  • Check your 401(k) plan website.  There are usually very helpful tools to help you not only with investments but with overall financial planning. 
  • The government website MyMoney.gov is a great resource for all types of financial information  
  • Eldercare.gov can lead you to local elder care resources 
  •  For low-income seniors, Benefitscheckup.org from NCOA  can help identify what government provided or subsidized programs may be available. 
  • Health insurance company Humana just launched a subscription based caregiving support programs PointsofCaregiving.com that provides access to information and services.
  •  A geriatric care manager can be a life saver if you are struggling with what services you need and how to get them.  This association can help you find local resources.

If you are lucky enough to still have these benefits available through your employer, make use of them!  If you don’t, there are plenty of free and for a fee resources available. Family and friends can be good resources.  And, just make sure if you hire someone, you check out their credentials carefully.

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