National Survey Shows Americans Concerned About Ability To Support Aging Parents In Retirement
A Place for Mom Partners with The Mutual Fund Store to Share Findings from a Retirement & Senior Care Survey Along with Tips on Retirement Finances
SEATTLE, May 27, 2015 /PRNewswire/ -- A survey released today is shedding light on the need for increased education around financial planning for senior care in retirement for both Americans approaching retirement age and their adult children caregivers. A Place for Mom, the nation's largest senior living referral service and The Mutual Fund Store®, one of the nation's largest systems of Registered Investment Advisers1, commissioned the survey which was conducted online in April by Harris Poll.
The survey found that over one quarter (28%) of Americans whose parents are living believe they will need to, or already do, support their parents financially in their senior years. Additionally, 86% of that demographic have concerns about their capacity or ability to do so.
"Through our work with families, we find that it's quite common for adult children to provide financially for their aging parents, but it's not often clear if families had expected or planned to do so," said Ed Nevraumont, CMO of A Place for Mom. "The goal of this survey was to explore Americans' knowledge of their retirement benefits, gauge their concern around supporting their parents financially as they age, and help underscore the importance of families starting a conversation around senior care."
Planning Ahead
Families can avoid planning mistakes by understanding and discussing all of the costs associated, not only with retirement, but with long-term senior care. However, A Place for Mom and The Mutual Fund Store's survey found that 42% of Americans have not discussed anything with their parent(s) regarding how they will be cared for in their senior years. Even further, 27% of those who believe they will need to help support their parent(s) financially as they age admit that they have not discussed anything regarding their parents' care in their senior years.
"At every stage in life, it is essential to remember the importance of financial planning as a means to a secure future during and after one's career," said Andy Smith, Executive VP of Investments at The Mutual Fund Store. "This survey shows that too many families are not discussing financial planning with aging loved ones. It's an important reminder for families to start voicing concerns about retirement finances as well as to make senior care a priority for themselves and for loved ones."
To help families take the first steps into planning for retirement and senior care expenses, Nevraumont and Smith offer the following guidance:
- Start gathering and organizing important financial and legal documents so family members know where to find these in an emergency
- Utilize the help of a Senior Living Advisor to understand the wide variety of care and living options available today based on your specific situation and budget
- Utilize the help of a financial advisor to understand the different investment vehicles available to prepare for retirement and senior care
- Map out a budget for senior care using sources of available income -- don't forget to look into veteran benefits, long-term care insurance your parents might have, 401(k)s and other investments. If you are relying on government assistance, educate yourself on the differences between Medicare and Medicaid, and what is covered.
A Place for Mom and The Mutual Fund Store also have helpful resources available online to help in these areas, including:
- A senior care calculator that helps with financial planning
- A Senior Living Price Index to help estimate average prices for senior living in different regions of the country
- A Personal Affairs Organizer that helps with "life after me" planning
- A Caregiver Toolkit that contains 75 pages of educational guides, checklists, tools and worksheets and tips to help prepare for the care of aging parents
- A quick educational video on how to avoid senior scams
For more information on the survey and for additional information on senior care costs and retirement planning, visit www.aplaceformom.com and www.mutualfundstore.com.
About A Place for Mom
A Place for Mom, Inc. (APFM) is North America's largest senior living referral service with more than 300 senior living advisors providing resources and personalized assistance in finding senior living services. Using its nationwide network of over 20,000 providers, APFM helps families find options based on a loved one's stated needs, preferences and budget. This may include independent senior housing, home care, residential care homes, assisted living communities and specialized Alzheimer's memory care. The service is offered at no charge to families as providers pay a fee to APFM. For more information, visit www.aplaceformom.com, call 1-877-311-6099 or visit one of APFM's social networks at Twitter, Facebook, Google +, Senior Living Blog and Pinterest.
About The Mutual Fund Store
The Mutual Fund Store® is a collective system of Registered Investment Advisers with more than 120 offices nationwide that builds and manages customized portfolios of mutual funds and exchange-traded funds to help clients achieve their long-term financial goals. The company was founded in 1996 on the principle that every investor has the right to a financial advisor who acts in their best interests. The Mutual Fund Store advisors have access to deep knowledge and support from the economists and analysts in The Mutual Fund Research Center®. This team of experts is dedicated full-time to evaluating mutual funds and exchange-traded funds and developing asset allocation recommendations for our advisors to use with their clients. The Mutual Fund Store offers a variety of resources for investment education, including "The Mutual Fund Show," a nationally syndicated radio program that airs in more than 70 markets. For more information, please visit www.mutualfundstore.com.
Methodology
This survey was conducted online within the United States by Harris Poll on behalf of A Place for Mom and The Mutual Fund Store from April 9-12, 2015 among 2,023 adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact [email protected].
1 As cited in InvestmentNews ranking of largest RIA's, as determined by total assets under management – December 2014.
SOURCE A Place for Mom
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