Senior man and woman having coffee at table seen through window

Aging Begins When We Are Young, Financial Literacy Should Too

Most Americans think that Medicare will pay for long-term care … It won’t. In 2005 the national savings rate fell below zero percent … the first time since the Great Depression. Most people have no clue what aging services cost.Aging begins when we’re young and financial literacy should, too. That’s the premise of this Ecumen article that appeared in today’s Minneapolis Star Tribune. What are your thoughts?

Financial sense must be taught early

By Eric Schubert, Vice President, Communications and Public Affairs, Ecumen

August 9, 2008

Used to be that credit cards didn’t pad most wallets. People stayed in the same job, steadily paid off a 30-year, fixed-rate mortgage, retired with a pension and, when life waned, received care from family or a nursing home bolstered by Medicare and Medicaid.Personal finance had autopilot sensibility.But individuals now hold the controls -- from 401(k)s IRAs and health savings accounts. Soon we’ll hold more controls -- of necessity.The tools of Lyndon Johnson’s Great Society -- Medicare and Medicaid -- are running tight and badly in need of retooling. There are more of us, we live longer, and we don’t want to die in a cinderblock room next to a stranger. To meet our desires amid today’s fiscal realities and unprecedented age wave, we’ll have to raise taxes, create new savings and payment options, or both.More control demands fiscal literacy for a lifetime. But we don’t teach personal finance across all schools and grades. Some say money management should be home taught. A wonderful concept, but too many parents are financially illiterate.In 2005, the national savings rate fell below 0 percent, the first time since the Great Depression. A University of Minnesota study says nearly one-third of Minnesotans age 43 to 72 are at 'very high risk' of not having enough money for retirement.A new AARP study says half of us don’t read financial information because 'it’s too hard to understand.' And, in a study of baby boomers by Ecumen, my employer, nearly one-third think Medicare will pay for long-term care. It won’t. Beyond the several-week rehabilitation benefit, you, your long-term care insurance or Medicaid pay nursing home costs.All told, financial home schooling has been a failure.

Fiscal literacy can’t just be a 12th-grade class. Learning must begin early and progress so students leave high school knowing the power of compound interest, financial pitfalls, the difference between Medicare and Medicaid, and how decisions made in their 20s will affect how they’ll live in their 90s.Curricula must be experiential and emphasize sharing. Politicians talk about how churches and nonprofits are integral to helping people. They are. But good intentions can’t fuel our work. And while we don’t pay profits to shareholders, our work requires dollars. No money, no mission.For Minnesota to come out of the age wave in sound fiscal shape, tomorrow’s adults must innately understand the interplay among saving, sharing and spending. Giving kids a nominal, pre-funded investment account that they can contribute to and manage would provide hands-on learning and perhaps go toward their college tuition or seed money for a business.Would mandated classes cost too much? They shouldn’t. Other states already do it. The Itasca Project includes a variety of materials at financiallyfitmn.org that could contribute to a state curriculum. Financial services companies could gain more substantive, top-of-mind recognition by diverting a portion of their mega-ad dollars to supporting K-12 financial literacy efforts. Regulators can ensure their support wouldn’t unduly influence curricula.Financial education works. University of Minnesota and University of Wisconsin researchers found that immediately after completing a financial literacy program, almost half of the students reported increased financial knowledge. In follow-up surveys, nearly 40 percent started saving money.The nonpartisan National Bureau of Economic Research found that adults who attended high schools with state-mandated financial literacy training generally save more and accumulate more wealth than other adults. And many of those people had non-saving parents. If our young people learn and embrace fundamentals of saving, spending and sharing, they will benefit, as will Minnesota.

Poverty likely won’t be eradicated in my lifetime. Immoral wage gaps probably won’t be, either. Despite that, fiscal literacy can lead to less personal debt, more personal responsibility, preservation of safety nets and more disposable income spent and shared in our state.While it’s easier to build a child than repair an adult, we can’t give up on ourselves. We should exercise automatic enrollment in workplace retirement savings programs that have the option to automatically diversify and rebalance assets, have more workplace education on planning for big-ticket items such as senior care, and help others learn from our mistakes.A K-12 fiscal literacy curriculum is a good next step.

by origineight

All Genes or You? Take the Ecumen Poll on Aging

Can you impact how you age?We recently featured two Ecumen centenarians - Hardy Rickbeil and Marion Davidson. They live different lifestyles. For example, one is a fitness buff, one is not. We’re all different, so this raises a question below. Please take our poll. If you have any comments to add, please click on the 'comments' section below.Have a great weekend.[poll id='3']

by origineight

A New Look on Aging: Carol’s Beauty of Aging Show

Our culture hasn’t always placed the highest value on the aging process; wrinkles and grey hair seem to be things to cover up rather than take pride in.Carol Seefeldt, an artist and volunteer at the Ecumen community of Parmly LifePointes, sees aging in a different light and wanted to show others just how beautiful aging can be. Her 'Beauty of Aging' art show is a gift to those people and the community she enjoys.The exhibit at Parmly LifePointes runs through this month. The exhibit showcases photos of people we serve engaged in their everyday activities, which range from enjoying the relationships of friends to using Vitalize! Wellness Center. Carol stresses that engagement in life can be seen in the sparkle in one’s eye, in a smile, or a conversation.Thank you, Carol.

by origineight

The Gift of Parents: Looking Ahead to a Celebration

In addition to aging, another thing we all have in common is dying. Atlanta reader Susan Landis (and mother of Ecumen director of real estate developement Dana Wollschlager), who works in aging services, recently shared this story that a lot of people can relate to. Aging is all about living … even when you’re thinking about the end of life …

Susan Landis with her parents Robert and Bette Ryff.

My father is describing how he met my mother, the love of his life for over 60 years. 'The first time I saw her was at a USO dance,' he says. 'I could see her dancing with this guy. He was a terrible dancer. I thought I better save her from this guy she’s dancing with,' his New York accent coming through.My mother chimes in, 'My girlfriend and I had just moved to Seattle and I met him the first day I was there.' We met in May and were married in November.'I’ve heard this story a thousand times before. The story is not for me though; it’s for the funeral consultant we are meeting with. 'Wow,' says the consultant, 'you didn’t know each other very long before you married. You’re lucky it all worked out.''Yes,' Mom says, 'I guess staying together for 63 years could be called lucky.'Everyone laughs. Things are going better than I thought they would when I picked up my parents this afternoon for a trip to the cemetery. Let’s face it; planning your funeral is not the most pleasant way to spend a Sunday afternoon. When she gets into the car, Mom says she started to feel sick just before I got there; kind of nauseous and dizzy.'You know,' she says,' most of the time I just don’t think about it, dying I mean. You just kind of forget about it. When I felt bad just now I realized it really is going to happen someday. We are going to die.''I know what you mean.' I respond.And I do know exactly what she means. It’s so easy to just push thoughts like that to the back of your mind. After all, you don’t want to dwell on those kinds of thoughts. It would be morbid and depressing. It’s easy because we are so busy with work or family or just the everyday activities of cleaning, shopping, cooking etc. And the time just flies by. Suddenly I am 61 and my parents are in their eighties and I cannot imagine a world without these loving, generous, kind, funny people in it.I have mapquested our little journey. I’m relatively new to Georgia and our destination is over 50 miles away. Mom rides shotgun and is the navigator. She’s always been good at reading maps. I am more like my father and we are good at getting lost. Dad asks, 'What’s the first street we are looking for?'The scenery is beautiful with forested rolling hills and it is a nice enough day. 'Wow,' Mom says, 'you’ll need to pack a lunch when you come out here. It’s quite the trip.''You missed the turn,' shouts Dad. We double back. 'You know,' I say 'Andy and Dionne are always late. We will have to get them started two hours in advance just to make the funeral in time.' Now we are laughing and making 'funeral trip' jokes. 'Oh look,' I say, 'there’s a Garden Ridge Store. I say we stop and shop on the way home.'By the time we reach the funeral home and cemetery we are laughing and complimenting my Dad on his good observational skills in catching our wrong turns. For once, he has found the way.And now I am listening as my parents recount their first meeting and discuss where they want their remains to be located. My Mom’s people are buried on a hill outside of a little town called Valley City in North Dakota. My Dad’s folks are in St. Raymond’s Cemetery in the heart of New York City. Dad votes for Valley City and Mom votes for New York because it’s such an exciting place. More laughter and finally the details are worked out. On the way home we stop and Mom and I shop while Dad patiently waits.We find the perfect item for Mom’s mantle piece and head back home with out treasures. Just before we turn down the street to my parent’s home, my Mom reaches over and touches my arm. 'The next time you take this trip,' she says, 'I want you to remember how much fun we had today and how we laughed. Remember that.'My eyes well with tears, but I smile. I will remember that. I will remember that my parent’s love extended even to those difficult things in life. I will remember that they carefully planned their exit so that those of us who love them so very much will have nothing to think about on that day except all the beautiful memories of our lives with them. Thanks Mom and Dad.............

by origineight

What Random Act of Kindness Have You Seen? Share it Here.

Have you observed random acts of kindness between someone and a senior? What was it? What made you feel good about it?Last week The New York Times had a story that was one of the site’s 'most read' stories all week. It was about a woman who lives alone in New York City. She’s 101. The paper marveled at how several people who aren’t related to her have created a 'community,' by stopping by to visit, read to her, and drop off chocolate.It was a great story. There are a lot more out there, though. What is a random act of kindness that you’ve witnessed or been a part of that involved a senior and just made you feel good? . . . Please leave it here in the 'comments' section.

by origineight

The Age Wave: An Opportunity to Live Better, Longer

Below is an article by Ecumen President and CEO Kathryn Roberts, which ran in yesterday’s Saint Paul Pioneer Press:The Age Wave: An Opportunity to Live Better, LongerAbout 70 people young and old recently met for two days at the Citizens League’s offices in St. Paul to brainstorm how to improve health care, communities and the state budget. Here’s what these people had in common: All were aging and see it as transformative opportunity for the marketplace and public policy.Why is it so important for citizens, businesses, policymakers, health care providers and others to focus on aging and transformation? I answer with another question: How do you want to live?Government nursing homes have been the cornerstone of Minnesota’s long-term care system since the 1960s. Medicaid €” called Medical Assistance in Minnesota €” doesn’t cover the cost of care. An inefficient, outdated system leads to a continuous state budget battle over nickels and dimes that never catches up with costs.Those nickels and dimes nonetheless add up. Long-term care is a big, fast-growing budget item. At $1.5 billion, it has almost doubled since 2000, with $7 of every $10 going to government nursing homes rather than less expensive services such as at-home or assisted living.Minnesota is stuck in a time warp at the worst possible time: a permanent shift in the age of our state’s population.In 2011, baby boomers begin turning 65. In 2020, Minnesota’s seniors will outnumber children. The largest-growing population group is the 'old-old,' those 85 and older. And, if obesity trends don’t reverse, we’ll see more disabled young people.

Factor in the wildcard of Alzheimer’s, currently an incurable, care-intensive disease afflicting more and more people.

Absent innovation, government spending for long-term care in Minnesota could easily exceed $20 billion by 2050.We can’t change demographics. We can change how we live and pay for the privilege. We have to. A new age demands new solutions.That’s what the Citizens League workshop was about. Ideas included:

A tax-advantaged savings program for expenses from home modification to memory care.

Integration of technology that connects people with each other and delays or eliminates a nursing-home stay.

Multi-county or other local referendums, so that people can develop and fund local or regional solutions. If, for example, a county’s residents believe a senior transportation system is important, they would fund that priority.

A community 'Age Well' assessment and certification that promotes communities' lifetime livability. Communities could earn a special designation, illustrating how well they are prepared for an aging population.On Aug. 13, some Nebraska officials will come to Minnesota to share details of their Long-Term Care Savings Plan at a public event hosted by Ecumen, the Citizens League, a bi-partisan legislative group called the 2020 Conference and the Minnesota Chamber of Commerce.Introduced last year, Nebraska’s plan is the first of its kind in the nation. Think of it as a 401k for aging services. Why a special aging-services savings tool? Because many people view their current retirement accounts as dollars for daily living staples or as 'fun money' rather than a fund that could pay for memory loss or home care.Nebraskans can contribute to their individual funds and receive a tax deduction. Savings and earnings are excluded from state tax until withdrawn €” as long as they’re used for long-term care services (at any age) such as technology, home modification, insurance premiums and nursing care. Funds not used can be passed to a beneficiary, making intergenerational planning and personal responsibility a much stronger part of the solution.Minnesota needs new ideas to pay for choices consumers desire, protect the state budget, preserve safety nets for those who can’t escape poverty and forge a truly coordinated cradle-to-grave health care system. We know what’s before us. It’s a big wave and an even bigger opportunity.WORKSHOPLearn more about Nebraska’s new long-term-care savings plan from 8 a.m. to 9 a.m. Aug. 13 at the Wilder Center in St. Paul. Register by Aug. 6 on the Citizens League Web site: www.citizensleague.org. Or, for more information, call 651-293-0575, ext. 10. The free workshop is presented by Ecumen, the Citizens League, the 2020 Conference and the Minnesota Chamber of Commerce.

by origineight

Ecumen Changing Aging Poll: Do You Think Alzheimer’s Will Be Cured in Your Lifetime?

Four years after the debut of the Emmy-winning 'The Forgetting,' Public Television (The Forgetting was produced by Twin Cities Public Television) is re-airing the original on Sunday, with an additional 30-minute segment hosted by David Hyde Pierce, better known as TV Frasier’s persnickety brother Niles (Pierce’s father and grandfather had the disease.).

Take Our Changing Aging Poll

Almost 10% of Americans over 65 now have the disease, leading us to this poll question:[poll id='2']

by origineight

New Study Says Adults With Dementia Don’t Like Being Spoken to as Babies … . You’re Kidding Me?

So today there’s a headline I received from a University of Kansas study, and I don’t know about you, but I found it disturbing that we even have such a study …Conducted by researchers at the University of Kansas, the study found that cognitively impaired people react badly when spoken to as if they were infants. Researchers videotaped 20 people with moderate dementia to discover their reactions to demeaning dialogue. Adults who were talked down to were twice as likely to resist care - by crying out, hitting, kicking, yelling or other methods - than those who were spoken to as adults.The article about the study went on to say that when they are spoken to in elderspeak,' they may feel they are not getting the respect they feel they deserve, but are unable to communicate their distress, so they act out in disruptive ways.Elderspeak? Baby Talk? People are people and should be treated with the utmost dignity, even when their mind suffers from dementia … your thoughts?

by origineight

How Old? July 29, 2008

Actor Robert Hanson (Wagon Train') is 84.Neal Doughty of REO Speedwagon is 62.Geddy Lee, singer in Rush, is 55.Documentary maker Ken Burns is 55.And Patti Scialfa with Bruce Springsteen and the E Street Band is 55.

by origineight

Register for the Ecumen Age Wave Event by Aug. 6th

For our Twin Cities-area readers:If you’d like to sign up for the Age Wave event we’re hosting on August 13th, please sign up by August 6th here.Ecumen, the Citizens League, 2020 Conference and Minnesota Chamber of Commerce are hosting Nebraska State Treasurer Shane Osborne and Trent Fellers, who directs Nebraska’s new Long-Term Care Savings Plan. They will share details of Nebraska’s new tax deferred savings plan for long-term care. It’s the first and only savings plan of its kind in the country.The event is from 8-9 a.m. on Aug 13th. Continental breakfast will be provided. And it’s free. Ecumen CEO Kathryn Roberts will provide introductory remarks. It will be held at the Wilder Foundation’s new headquarters right between Minneapolis and Saint Paul.

by origineight

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