What Who Does it matter Continuous care retirement communities CCRC o

What who does it matter continuous care retirement

This preview shows page 31 - 35 out of 39 pages.

° 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
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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
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° 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
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° ° ° 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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