Changing Family Caregiver Dynamics Ramp Up the Importance of Long-Term Care Planning When planning for retirement, clients often list long-term care as a primary concern. However, very few people have well defined plans for dealing with related expenses. Instead, most people rely upon family members to provide long-term care, with roughly 70% of services coming in the form of informal care provided by relatives. According to a new AARP Study, The Aging of the Baby Boom and the Growing Care Gap, the ratio of potential family caregivers to high-risk people in their 80s will decline from 7 to 1 in 2010 down to 4 to 1 in 2030, and is expected to decline to just 3 to 1 in 2050. These changing family caregiver dynamics ramp up the importance of proper long-term care planning. Consumers need to understand their long-term care risks and explore available sources of financing so they are better able to incorporate their long-term care plan into their overall retirement plan.
Time To Put A New Economic Tool In The Box Below is the July 27th Thoughts from the Frontline, republished in full:
conomists are at this moment called upon to say how to extricate the free world from the serious threat of accelerating inflation which, it must be admitted, has been brought about by policies which the majority of economists recommended and even urged governments to pursue. We have indeed at the moment little cause for pride: as a profession we have made a mess of things.
It seems to me that this failure of the economists to guide policy more successfully is closely connected with their propensity to imitate as closely as possible the procedures of the brilliantly successful physical sciences – an attempt which in our field may lead to outright error. It is an approach which has come to be described as the “scientistic” attitude – an attitude which, as I defined it some thirty years ago, “is decidedly unscientific in the true sense of the word, since it involves a mechanical and uncritical application of habits of thought to fields different from those in which they have been formed.
– Friedrich Hayek, from the introduction to his Nobel Prize acceptance speech in 1974
Last week we took a deep dive into how the concept of GDP (gross domestic product) came about. We looked at some of the controversies surrounding GDP statistics that we use to measure the growth of the economy, and we noted that the GDP tool seems designed to reflect and serve an economic theory (Keynesianism) that prefers to focus on the demand side of economic activity. If your measurement of the growth of the economy is entirely defined by final consumption (that is, consumer spending) and government spending, then if you want to try to improve growth you are left with just two policy dials to adjust:
How do we increase consumption?
How much government spending should there be to stimulate growth when the economy is in a recession?
The One Thing You Should Do To Get A Raise Most employees would love to see more money in their paychecks. And according to a recent CareerBuilder salary survey, there’s a move that results in a raise for fully two-thirds of the workers who try it.