° What? ° Who? ° Does it matter? ° Continuous care retirement communities (CCRC) o Independent apartments o Assisted living- covered in reading o Nursing home ° ° Goal for CCRC You move in to facility, and going to live there through the different levels ° Do they accomplish their goals? The levels did not work, when people moved to a new level and they shunned them and didn’t help them. too scared to go and visit because that’s where they would be there soon ° Big fear: ° Nursing home placement They involve 24 hour 7 day a week, skilled nursing care
Who ends up their? Usually people who cant toilet on their own, not because of meanness, but because family can not physically help 200lbs 80 year old ma toilet ° ° Risk of being in a nursing home increases over age ° ° Very common for a short term nursing home (few days/few weeks) ° ° How do people do in a nursing home? Not so well Rates of depression are very high in a nursing home ° Why is it difficult to live in a nursing home? Loss of freedom No choice Loss of social ties Routine/rules Loss of independence Loss of prior identity Environment Loss of purpose ° ° Poor outcomes- because of staff-patient interactions ° ° Balte’s cycle- if patient is very dependent- staff assists them and gives attention- patient feels rewarded They become more dependent – learned dependence- learned helplessness ° Adult day care/ respite care Live at home with family and go during the day work hours ° ° ° 11/9 ° ° assets money that you have things worth money retirement savings home equity ° income salary wages investments
° debt loans credit cards ° ° how does money affect late life? Status maintenance hypothesis- the idea that however you enter old age is what you’ve been your whole life- poor remain poor, rich remain rich Cumulative advantage process- if you start out with a bigger advantage you will accumulate more advantage Redistributive hypothesis- ° ° ° Ability to retire Only 10% of people retire ° ° Retirement funds Government (social security) Pension (does not exist anymore) Retirement accounts Assets ° ° Social security Is an insurance program Insurance ( everybody pays in, and if someone needs it they get it ) Funds widows, children who orphans, disability Workers contribute and employers, when old get a stipend ° ° Social security makes more money that it pays out ° ° Protects spouses ° ° Solutions: % of payroll tax – at 6% now used to be 2-3% ceiling taxed ° pensions (defined benefits) retire and company keeps giving you benefits after retire employer based- years employed, and % OF FINAL SALARY ° ° ERISA the law about how companies do pensions Allows “best guess” estimates Huge promises Long life
° ° ° IRA ° myRA- new account for poor people, to save for retirement and run by gov. but pres. Trump did away with it ° 401k 403b ° ° Roth IRA, and regular IRA
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- Spring '08