FAI Wealth Management, a leading financial planning and investment management firm in the Baltimore-Washington region, has announced the release of its free e-book series, "Caring for Our Aging Parents." The e-books were developed by Mark Stinson, CPA, CFP®, MBA, Principal and Senior Advisor for FAI, in response to the dramatic rise in the number of older adults and subsequent growth of family members as caregivers. Designed as a free resource for the “sandwich generation” – those raising and supporting children and caring for aging parents — the three-part e-book series offers guidance and valuable information to help navigate life transitions experienced in one’s 60s, 70s, 80s and during end of life care.
As massive waves of Baby Boomers become seniors and people are also living longer, it’s creating an unprecedented growth dynamic. The statistics surrounding aging and caregiving in America* are staggering:
- The U.S. Census Bureau reports that by 2030, all baby boomers will be older than age 65. This will expand the size of the older population so that 1 in every 5 residents will be retirement age.
- For the first time in U.S. history, older adults are projected to outnumber children by 2035
- There are about 40 to 60 million caregivers in this country, about 29% of the U.S. population, providing assistance for a chronically ill, disabled, or aged family member or friend during any given year.
- 65% of older people with long-term care needs rely exclusively on family and friends to provide assistance.
- Approximately 66% of family caregivers are women. More than 37% have children or grandchildren under the age of 18 living with them.
*Source: *National Academies of Sciences, Engineering, and Medicine. 2016. Families caring for an aging America. Washington, DC: The National Academies Press.