Voya Cares resources for America’s new retirement reality
Voya Cares research indicates that two specific groups of Americans are dealing with unique challenges when planning for their own retirement and other financial goals.
- 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.”
- Career 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.
The cost of long term-care is an important component to integrate into your family’s financial plans.
Changing the way we plan for retirement
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 Career 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.
Voya Cares Toolkit
Health Care
Family Dynamics
Employment
Housing
Wealth
“Burning the Candle at Both Ends: Sandwich Generation Caregiving in the U.S.”, The National Alliance for Caregiving (NAC), November 2019.
Loudenback, Tanza. “One-fifth of older Americans are working past ‘retirement age’, and it’s not because they can’t afford to retire.” Business Insider, April 29, 2019.
“Hacking Life Shifts.” AARP, RTi Research and The Business of Aging, 2019
US Department of Health and Human Services. “Retirement Planning and Security,” Reviewed August 9, 2019
*based on 44 hours per week
Cost of Care Survey. Genworth, 2020. https://www.genworth.com/aging-and-you/finances/cost-of-care.html