Meet employment extenders Sandy and Jim

Sandy is an employment extender who is working past traditional retirement age because she enjoys working
Jim is an employment extender who is working past traditional retirement age, and it’s all part of his plan

Meet employment extenders Sue and Janet

Sue is an employment extender because the thought of retiring stresses her out
Janet is an employment extender who is working past traditional retirement age because she just hasn’t saved enough

Toolkit for supporting employment extenders

Voya Cares resources for America’s new retirement reality

  • Sandwich caregivers: Family caregivers providing care to an aging parent while also raising children of their own, often neglecting their personal financial journey. 11 million or 28% of all caregivers — currently are “Sandwich Caregivers.”
  • Employment extenders: People working past what would be considered a typical retirement age, as they are either not financial ready to retire or voluntarily continuing a successful career. Nearly 20% of Americans over age 65 — a total of 10.6 million people — are either working or looking for work, representing a 57-year high.

There are far more Americans needing care than can provide care.

In the U.S. 47 million need care

17 million can provide care

It’s the lowest ratio ever reported

The cost of long term-care is an important component plan for.

  • $93,075 per year for nursing home semi-private room
  • $105,850 per year for nursing home private room
  • $51,600 per year for one-bedroom apartment in assisted living facility
  • $53,768 per year for in-home hands-off homemaker services: cooking and running errands
  • $54,912 per year for in-home hands-on health aide assistance: personal care activities like bathing, dressing and eating
  • $19,240 per year for adult day care

More about employment extenders and sandwich caregivers

More aging resources

The core tenets of special needs financial planning can be applied when coordinating the unique needs of sandwich caregivers, who are caring for a child and an adult loved one, and employment extenders, who are planning for a late-in-life retirement.

Whether just getting started on the planning process, or making sure you’ve covered all of your bases, the Voya Cares resources below can help.

Health Care

Family Dynamics

Employment

Housing

Wealth

This information is provided for educational purposes only; it is not intended to provide tax or investment advice. All investments are subject to risk. Neither Voya® nor its affiliated companies or representatives provide tax or legal advice. Please consult a tax adviser or attorney before making a tax-related investment/insurance decision.

 

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