Annual retirement survey: Caregivers less likely to save. Support for this critical role.

EBRI Survey Says Unpaid Caregivers Less Likely to Save for Retirement

Published in RINewsToday.com on July 24, 2023

According to the 33rd annual Retirement Confidence Survey (RCS) released last week, caregivers are more likely to have lower levels of assets and more likely to have problems with debt than non-caregivers. Because of this they are also less likely to have saved for retirement, and are more likely to retire earlier than planned for reasons out of their control, which can reduce the lifestyle of caregivers in retirement.

According to the Employee Benefit Research Institute (EBRI), a nonpartisan organization researching health, personal finance and economic security issues, the RCS is the longest-running survey of its kind that measures worker and retiree confidence. The survey is conducted jointly by EBRI and Greenwald Research, a firm specializing in retirement, employee benefits and health care research.

The online survey of 2,537 Americans was conducted from Jan. 5 through Feb. 2, 2023. All respondents were ages 25 or older. The survey included 1,320 workers and 1,217 retirees, and this year included an oversample of roughly 944 completed surveys among caregivers (598 workers and 346 retirees).

“Caregivers can take on many roles and responsibilities when taking on the care of a relative or friend. Unfortunately, what we found is that caregiver retirees are more likely than non-caregivers to say that their overall lifestyle in retirement is worse than they expected it to be before they retired,” said Craig Copeland, director, Wealth Benefits Research, EBRI in a statement released on July 18, 2023.

Key findings in the 2023 RCS Caregivers Report

The RCS’s findings also indicate that caregivers are more likely to have little financial cushion in retirement, having virtually no financial assets and are more likely to have a problem with debt than non-caregivers. Twenty five percent of caregivers have less than $1,000 in savings and investments compared with 15 percent of non-caregivers. At the same time, caregivers are less likely to say that debt is not a problem — 36% compared with 48% among non-caregivers.

The researchers found that 55% of caregivers who work, and 37% of retired caregivers reported that they provide financial assistance to the recipients of their care. Over one-third of working caregivers (35%) and retired caregivers (37%) say they provided $5,000-$14,999 in financial support to their caregiving recipient in the past 12 months.

RSC’s study also found that the unpaid caregiver’s role and responsibilities are more likely to have a negative impact on their mental and physical health, than in doing specific financial tasks. Among working caregivers, 66% say their mental health is negatively impacted by the caregiving they provide, and 57% say their physical health is negatively impacted. Fifty four percent of the working caregivers reported that they had difficulty saving for emergencies and could not work the hours they wanted or needed to work.

According to RSC’s study there are no significant differences between caregivers and non-caregivers strongly or somewhat agreeing that they feel knowledgeable about managing their day-to-day finances. Additionally, there are also no significant differences in the likelihood of caregivers and non-caregivers strongly or somewhat agreeing that they feel knowledgeable about managing savings and investments for the future.

Caregivers in many instances have less confidence in their finances than non-caregivers, say the researchers, noting that when it comes to preparing for retirement, caregivers are just as likely as non-caregivers to have done various retirement preparation tasks. These include having tried to figure out how much money they will need to have saved by retirement, thought about how much money to withdraw from their retirement savings and investments, and planned for how they would cover an emergency or big expense in retirement.

The distributions of the ages at which both caregivers and non-caregivers retired are not different, say the researchers, noting that the likelihood of retirees having retired earlier, later, or when planned are also not different between caregivers and non-caregivers. However, the findings say that the top reason caregivers were most likely to have retired earlier than planned was because they had to care for a spouse or another family member.

Finally, RSC’s survey found that caregiver retirees are more likely to say that their overall lifestyle in retirement now, compared with how they expected it to be before they retired, is worse than non-caregiver retirees. Specifically, 31% of caregiver retirees say it is worse, compared with 20% of non-caregiver retirees.

A call for Congress and state policies to assist Caregivers

“EBRI’s study further confirms that America’s 53 million unpaid family caregivers are experiencing harsh financial effects due to caregiving. From taking on debt to spending down savings, too many family caregivers are sacrificing their financial health to fulfill their care responsibilities, says Jason Resendez, President & CEO of the National Alliance for Caregiving. “Without federal policies such as paid family and medical leave, family caregivers will continue to risk their financial security to provide essential care for their loved ones,” he says.

According to Maureen Maigret, Chair of the Aging in Community Subcommittee of the Long-Term Care Coordinating Council, the findings are no surprise to her. They mirror findings from the 2020 National Alliance for Caregiving and AARP report, Caregiving in the U.S. which found 61% of family caregivers were women, 45% had seen a financial impact due to caregiving, and an increase in family caregivers reporting fair or poor health since 2015.

“It’s estimated that 121,000 Rhode Island caregivers provide an economic value of $2.1 billion for the care they provide,” says Maigret.

“The fact that women represent a larger percent of unpaid caregivers is significant in looking at differences in financial situation of caregivers vs. non-caregivers,” says Maigret, who serves on the board of the Senior Agenda Coalition and Village Common of RI.

“There continues to be a wage gap for women workers which impacts them in their retirement years”, she says, noting that U.S. Census data shows there is a 21% difference in average Social Security benefits for Rhode Island women and a 43% difference in pension income.

“Women are also over-represented in a number of paid caregiving jobs with depressed wages such as nursing assistants and childcare workers, and this impacts them in retirement,” says Maigret, calling on state lawmakers to pass legislation to expand the Temporary Caregiver Insurance law paid leave program funded entirely by workers from 6 to 12 weeks as most states with such programs have done. They could also increase state funding for the caregiver respite program to allow greater amounts of respite for family caregivers to work or address their own needs.

“The Rhode Island General Assembly can also consider a tax credit program to help offset the costs incurred by family caregivers as several states have done,” adds Maigret, suggesting that they could consider lowering the age for the Office of Healthy Aging @Home Cost Share program from 65 to 60 years to allow more caregivers of seniors with disabilities to access this program thus relieving some of their financial burden.

Deb Burton, Executive Director of RI Elder Info, notes that Rhode Islanders are disproportionately impacted by the cost of caregiving because in comparison to other states, “We have a higher per capita ratio of individuals over the age of 85 in the state. Many people in their 60’s and 70’s retired to care for their parents who are in their 80’s, 90’s and 100’s,” says the gerontologist.

“There are also disparities in financial strain among caregivers based on race, ethnicity and age of the caregiver which must be considered in light of the EBRI study,” says Burton, citing an article penned by Richard Eisenberg. According to Eisenberg’s article in AARP. “The Family Caregivers Feeling the Most Strain” Hispanic family caregivers, spend an average of 44% of income on caregiving, African Americans spend 34% and White caregivers spend 14% on caregiving costs. Caregivers ages 71 to 91 pay more than twice the amount of caregivers ages 51 to 70.

“We urgently need to create a Statewide Plan on Aging to address the multiple ways our added longevity is intersecting with our financial, familial and community roles,” she says.

“The House commission on older adults will begin meeting in September and we will begin by looking at a broad set of policies and programs. We haven’t established what our agendas will look like, as of yet, but issues raised within this new report may be part of the conversation,” says Rep. Lauren Carson (D-District 75, Newport) who chairs the new study commission to take a look at funding, coordination, and deliver of state programs and services to seniors.

“Over the next 10 years, we’ll likely have 15 to 20 percent more seniors in Rhode Island, and we need to be prepared,” says Carson, noting that the commission will take a look at all the challenges and issues at the outset.” We’ll develop more specifics as we move forward. I’m very interested in this retirement confidence survey, and I think it could really be useful to our commission as we look at the myriad of issues facing our older Rhode Islanders,” she says.

The RCS report focusing on caregivers can be viewed by visiting www.ebri.org/rcs-caregivers.

Caregiving in the US found at https://www.caregiving.org/research/caregiving-in-the-us/

For estimates of #of RI caregivers: https://www.aarp.org/content/dam/aarp/ppi/2023/3/valuing-state-estimates.doi.10.26419-2Fppi.00082.009.pdf

For caregiver data, go to US Census Age Group Gender Gap data @ https://www.census.gov/library/visualizations/interactive/exploring-age-groups-in-the-2020-census.html

House Study Commission could create first state plan on aging in Rhode Island

Published in RINewsToday on March 20, 2023

With oversight of the state’s aging programs and services scattered among state agencies charged with overseeing a fragmented long-term care (LTC) system, House Deputy Majority Leader Lauren Carson (D-District 75, Newport) tossed H 5224 into the legislative hopper. The bill calls for the creation of a Special Legislative Commission (to be referred to as House Study Commission), with 14 members, to study and provide recommendations to coordinate the state’s program and services provided to older residents. The commission, charged with taking a comprehensive look at the funding, coordination and delivery of state agency programs and services to older Rhode Islanders, would be required to report its findings and recommendations to the House no later than Feb. 7, 2024, and it would expire on May 7, 2024.

According to House Communications Director Larry Berman, “Legislation to create commissions are requested when issues need greater study than just one hearing. Commissions usually consist of House members, along with experts in the field, who will meet on multiple occasions and then develop recommendations to the House.”

The Nuts and Bolts

The House Study Commission’s legislative charge would include making a comprehensive study of key statistics that includes compiling demographic and financial statistics, and health status of older Rhode Islanders, and taking a look at their strengths and vulnerabilities to enable them to stay in the community. It would assess federal, state and local programs available, examining duplication of services, and provide recommendations as to how to eliminate red tape and better coordinate services among state agencies to improve the delivery of programs and services.

Its final report would also review and provide recommendations for the funding of services through State, Federal, and private grants, and provide recommendations for more efficient distribution and use of these dollars. It would also include making recommendations for the creation of a portal to provide and coordinate aging programs and services in the areas of employment, education, independent living, accessibility, and advocacy, as well as local older adult centers and services.

Also, recommendations would be provided on mental health, transportation, food access, and health care. The commission would also explore and provide recommendations for additional regionalization of services.

Aging Organizations and Advocates push for passage

Last week, the primary sponsor of H 5224, and supporters, testified before the House Health and Human Services (HHS) Committee to give their thoughts about the creation of a House Study Commission and its positive impact on the delivery of programs and services to older Rhode Islanders.

Carson, the primary sponsor, opened up the hearing on the legislation telling lawmakers that many programs for older Rhode Islanders fall in different places around the state. “Even professionals are having problems navigating the system, never mind family, friends and parents,” she says, referencing a conversation she had with a Director of a Newport-based Senior Center, discussing the challenges during the COVID pandemic to navigate the system at state-level, providing services to her older clients.

“If we look back over the last 20 years, we used to have a cabinet-level position on Aging, then we had a Division on Aging, and now we have an Office on Aging,” says Carson, noting that we have an increasing amount of older people in Rhode Island. She called for lawmakers to return the Office of Healthy Aging at a cabinet-level.

By creating a House Study Commission, lawmakers can look in an organizational way at how programs are being offered to seniors,” says Carson.

According to George Neubauer, Chair of the Senior Agenda Coalition of Rhode Island (SACRI), an advocacy coalition representing 21 organizations, told lawmakers that SACRI had called for candidates at its Gubernatorial forum held last August to create a Rhode Island Strategic Plan on Aging. This plan would help the state look at its infrastructure and coordination of services for its rapidly growing older population, he said. At this time Rhode Island has no such plan, he said.

In his testimony, Neubauer stated: “While the purpose of this proposed House Study Commission does not specifically call for development of a state Strategic Plan on Aging, it does call for a comprehensive look at our older population. “It would be charged with providing recommendations of collaboration, coordination within agencies, funding of services, and recommendations in areas of importance to older adults’ needs and quality of life, he added.

“A number of states have developed what are sometimes referred to as Master Plans on Aging (including California, Massachusetts and New York). A Master Plan could be a roadmap to help the state transform its infrastructure and coordinate services for its older persons. The findings and recommendations of this study Commission could lead to development of such a plan for Rhode Island,” says Maureen Maigret, former Director of the Rhode Island Department of Elderly Affairs (now the Office of Healthy Aging) and Chair of the Aging in Community Subcommittee of the Long-Term Care Coordinating Council.

It is now time for the creation of the House Study Commission, says Vincent Marzullo, who served 31 years as a career federal civil rights and social justice administrator at the National Service Agency, and a well-known aging advocate. “For the first time in recorded history, there are more people over the age of 64 in the world, than children under five. In Rhode Island, over 31 percent of residents are age 55 or older, and by 2030 one-quarter of our population will be over 65,” he says.

“Don’t we now have an obligation to ensure better healthcare, safety, housing, livability, caregiving, etc. for this aging community?” asked Marzullo, noting that during the pandemic more than 90% of the deaths were individuals over 60 —- and 53% of overall deaths were congregate care residents.

“With the lessons learned over the past two years and the devastating impact of COVID on our older adults, it’s critical that we reexamine our aging infrastructure, the needs for services, and the local service capabilities to this growing population, adds Marzullo, calling for “a serious, adult conversation that is long overdue to take place with the aging community, service providers and lawmakers about designing our plan for a more ‘Age-Friendly’ RI, which supports local senior centers as the local hub for the delivery of services.”

Deborah Burton, Executive Director of RI Elder Info, said that enacting H 5224 is “an essential step” towards improving the lives of older Rhode Islanders. “By studying our current services and initiatives, identifying future needs, and identifying potential areas for improvement, we can ensure that all older adults in our state have access to the resources they need to achieve wellbeing and maintaining maximum independence in ways that value, empower and engage them,” she said.

Carmela Greer, Executive Director of Edward King House Senior Center, gave her views as to why it is important to establish a House Aging Commission authorized by H 5224. “This opportunity to document who does what, when, for whom, with what dollars is a common-sense approach to building a comprehensive cost-effective way to care for the other of our most vulnerable populations second only to children,” she said.

According to Greer, who also serves as Policy Committee Lead for the RI Senior Center Directors Association, once this policy road map is designed, “smart decisions can be made to establish where the money can be saved, where duplication can be eliminated, and where existing funding can be re-directed, where duplication can be eliminated, and where existing funding can be re-directed to serve all parties involved.”

In concluding her testimony, Greer said: “We don’t want to re-invent the wheel. We want to fix the one we have.”

Where House Leadership Stands…

House Minority Leader Michael L. Chippendale (R-District 40, Coventry, Foster, Glocester), goes on the record supporting Carson’s call to create a special legislative commission to study aging policy in the state. “House Republicans recognize the fact that RI is aging and how important it is to coordinate our services to cut duplicity and inefficiencies. A study commission establishes a deep dive public discussion into an understanding of our statewide need, and lessens the possibility of bureaucratic, unintended consequences, which can occur in the submission of haphazard bills,” he says, noting that “Republicans also believe that this is an area, where if the topics are properly vetted, the state can cut costs and bring efficiency to our core government senior services.”

“I support the concept of this commission and I am certainly open to it, but I need to discuss it further with the sponsor, Representative Lauren Carson, before recommending further action. I look forward to speaking with her in the coming weeks of the legislative session,” says House Speaker K. Joseph Shekarchi (D-District 23, Warwick).

Shekarchi and his leadership team will evaluate all legislative resolutions creating House Study Commissions introduced this legislative session to determine which one(s) will be allowed to proceed for a committee, and ultimately, floor vote. At press time, there is no fiscal note. Creating House Study Commissions must have adequate resources and staffing for their operations.

With H 5224 having bipartisan support, aging organizations hope that Speaker Shekarchi sees the importance of allowing a committee and floor vote on this resolution. Democratic and Republican lawmakers must lobby the House Speaker for his endorsement to support passage of this very important commission. Every Rhode Islander will ultimately need to access comprehensive aging programs and services in their later years.

House debate on Carson’s Health Study Commission may well create the political will down the road after it releases its report leading to the creation of Rhode Island’s first Strategic Plan on Aging.

H 5224 cosponsors are Representatives Samuel A. Azzinaro (D-District 37, Westerly), Thomas E. Noret (D-District 25, West Warwick), Susan R. Donovan (D-District 69, Bristol, Portsmouth), House Majority Whip Katherine S. Kazarian (D-District, East Providence), Karen Alzate (D-District 60, Central Falls, Pawtucket), Jason Knight (D-District 67, Barrington, Warren), and Kathleen Fogarty (D-District 35, South Kingston.

To show your support for H 5224, contact your House Representative. Go to https://www.rilegislature.gov/representatives/default.aspx. You can also contact House Speaker Shekarchi by calling (401) 222-2447. Or email, rep-shekarchi@rilegislature.gov.

Volunteering: Your Single New Years Resolution

Published in RINewstoday on January 10, 2023

As the ball dropped in New York’s Time Square, many Americans have already penned New Year’s resolutions for 2023. Making these resolutions as January approaches has become a very common tradition for millions.

According to the Statista 2022 Consumer Survey (413 adults ages 18 to 89 years old surveyed from Oct. 25 to Nov. 2, 2022) living a healthier life style by going to the gym, eating nutritious meals and even losing weight were the top three New Year’s resolutions for 2023.

While resolutions provide us with a road map as to how we can make improvements in our lives, many can’t overcome obstacles to keep them. An Inc. web article, written by Marcel Schwantes, noted only 9 percent will be successful in achieving their goals.

Just “Pick One” – Resolution

Second Harvest Heartland, one of the nation’s largest hunger relief organizations, calls on people to just put one resolution, “becoming a volunteer” on their list. “Picking a cause and getting out to volunteer turns out to be the one single, achievable, sustainable and widely beneficial resolution for New Year,” says the Minnesota-based company.

That’s a great suggestion.

According to Project Helping, research tells us that “volunteering helps improve mood, makes you feel healthier, increases your sense of purpose, and reduces your stress levels. Volunteering can also give us a deep sense of happiness both immediately and long-term,” the research studies say.

“Our volunteers give their time to help others, and rarely ever think about how it can impact their own lives in so many ways,” said Julie Greene, director of volunteer engagement at Second Harvest Heartland. “Of course, they feel a tremendous sense of satisfaction knowing their contributions are making a difference in people’s lives, but the benefits of their actions go way beyond that.

Given the camaraderie people feel by coming together and the satisfaction of working on a common goal, I’m not surprised at all that research has proven the benefits of volunteering—we see it every day with the smiles on our volunteers’ faces,” says Greene.

“Volunteering is Medicine for the Soul”

Being a volunteer can also be a protective buffer from the curve balls that life may throw at us as we age. “Volunteering can be medicine for the soul. It allows you to connect with other people, explore and remedy emerging community issues, make a difference as a caregiver or mentor and change lives.

Volunteering is powerful and can define and redirect your life’s journey,” says Vincent Marzullo, who for 31 years served as RI’s National Service Director and still volunteers weekly at Hasbro Children’s Hospital.

Adds, James Connell, Executive Director, of Age-Friendly Rhode Island: “There’s no better way to reduce tension, combat social isolation, and feel tremendous self-satisfaction than by connecting with others and giving back to the community and your neighbors by volunteering.”

Connell says Rhode Islanders as a population are aging, nearly one in three of us will become age 65 and over by the end of the decade. “Volunteers and volunteerism will be key factors in creating a great state in which to age. Older adults want to stay active, engaged, and remain in their homes; as a volunteer or by being the recipient of volunteers services we can achieve this and so much more,” he says.

“Aging Rhode Islanders need you,” says Connell. “Volunteer to provide supports to stay at home, to connect and provide company to combat social isolation, and to positively impact their overall health and well-being trough connection and service,” he adds.

A sampling of Rhode Island volunteer opportunities

For volunteer opportunities, Connell calls on seniors to contact Retired Senior and Volunteer Program (RSVP), the nation’s largest volunteer network for those age 55 and over. RSVP volunteers serve the community at non-profits, community programs, and service agencies. Volunteers mentor school children, prepare tax returns, knit caps for newborns, participate in volunteer transportation networks, and visit homebound Rhode Islanders, he says.

Why not contact a Community Action Program (CAP) in your region to find out more about volunteer opportunities, suggests Connell, noting that they are located in East Bay (EBCAP), West Bay CAP, East Bay (EBCAP) and at Federal Hill House Providence.

Or you can contact the Diocese of Providence, or other faith communities, to learn more about volunteer opportunities.

The Neighborhood Friendly Visitor Program, a community-based volunteer program, provides weekly visitors to isolated elderly and disabled adults in Rhode Island, seeks older volunteers, says Connell. “The program was developed in 1978 by Sister Rhea Lachapelle of the Sisters of Saint Ann to address the needs of a growing and diverse population of seniors living alone with little or no social support. Any senior age 60 and over, or disabled person who is homebound, residents of any nursing home or assisted living, or patients at hospitals, is eligible for this program. There are no income guidelines and there is no fee for this service,” adds. Connell.

Connell says that Friendly Visitor volunteers are available state-wide. Volunteers have supplied personnel references and passed a background check through the Office of the Attorney General. The program has on-going recruitment of volunteers who make a commitment to visit or call seniors for at least one hour each week. This program is funded in Partnership with the Rhode Island Office of Healthy Aging, he says.

The Senior Companion Program, sponsored by the Rhode Island Office of Healthy Aging (RIOHA) and the federally funded by the Corporation for National & Community Service, also seeks volunteers, says Connell. “Senior companions are over the age of 55 and provide companionship and reassurance with seniors and adults with special needs, he says, noting that these companions visit, and listen.

To request a Senior Companion or to apply to be a Senior Companion contact RIOHA at 401-462.0569.

Connell also directs seniors to investigate volunteer opportunities at The Village Common of Rhode Island (TVC). The nonprofit, volunteer-driven membership organization supports seniors who wish to age in their home via a network of local villages – communities of mutual support – in Rhode Island.

“We currently have villages in Barrington, Edgewood, Providence and Westerly. Our volunteers assist members in a myriad of ways, from driving to medical appointments and running errands, to doing household chores and minor repairs, to providing technology support for TVs, phones and computers, to making friendly calls and visits,” says Connell, noting that TVC and its local villages host an array of social and educational events for our members and volunteers (live, and via zoom).

Finally, Connell also notes that local Senior Centers, Child and Family Rhode Island, located in Newport and Providence, Meals on Wheels, the Rhode Island Food Bank (or local food banks in every city and town, can be a great source for volunteering, too.

For details about the benefits of becoming a volunteer, go to

https://projecthelping.org/benefits-of-volunteering/.

To learn about volunteer opportunities, go to:

A listing of senior volunteer activities, Office of Healthy Aging, go to https://oha.ri.gov/get-involved/volunteer/

AARP Rhode Island, go to https://states.aarp.org/rhode-island/volunteering-aarp-rhode-island

Rhode Island Food Bank, go to https://rifoodbank.org/get-involved/volunteer-in-the-community/ or

Local food banks, https://dhs.ri.gov/sites/g/files/xkgbur426/files/Documents-Forms/FoodAssistanceProviderListFAL-October-16-2020.pdf

Children@FamilyRI, go to https://childandfamilyri.com/

Rhode Island Community Action Programs, go to https://www.ricommunityaction.org/find-your-community-action-agency/

Rhode Island Senior and Volunteer Program, go to https://americorps.gov/serve/americorps-seniors

United Way of Rhode Island, go to https://volunteer.uwri.org/

RI Elder Info, Advocacy Agencies, go to https://rielderinfo.com/advocacy-assistance/