Beware of the Eldercare Cliff When the Greatest Generation returned from fighting WWII, they began making babies at an unprecedented rate. This generation of babies became known as the Baby Boomers, who, as they grew up, began to set new records of their own. They fought for civil rights, defied stereotypes, and changed the face of the American workforce. Now, once again, they’re set to make history with yet another record: doubling the number of 65-and-over Americans. You may be wondering why you should care, and here’s why: The costs associated with nursing homes and assisted-care facilities are prohibitive to many Americans. As a result, millions of Americans – 39.8 million over a three-month period in 2011, to be exact – have provided unpaid care to an elderly person. Considering that half the people living beyond the age of 85 have Alzheimer’s disease, one begins to see that there is definitely a cliff coming. The simple fact is that there’s going to be more elderly people than paid caregivers; as a result, the number of unpaid caregivers is expected to rise to around 100 million Americans by 2050. Wait, it gets worse. The ratio of people ages 16 to 64 versus people over 65 was 5.1:1 in 2000. By 2050 that ratio is expected to be 2.9:1. This means that while there were 5.1 people per senior citizen in the year 2000 that were able to provide care AND work to pay the taxes supporting public programs, there will only be 2.9 people to do so in 2050. And you think the economy is bad now. Experienced estate planning attorneys Greensboro NC of the Law Offices of Cheryl David offers estate planning and business planning resources to residents of Greensboro NC. To learn more about these free resources, please visit http://www.cheryldavid.com today.
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