Democrat and Chronicle from Rochester, New York on October 18, 2015 · Page B7
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October 18, 2015

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Democrat and Chronicle from Rochester, New York · Page B7

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Sunday, October 18, 2015
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USATODAYpartneredwithBankof AmericatoexploreMillennials’ challenges,behaviorsandattitudes relatedtoachievingfinancial wellness.TheUSATODAY/Bankof AmericaBetterMoneyHabitssurvey included1,320onlineinterviewsof Millennialsbetweentheagesof 18and34,betweenAugust6-24, 2015byGfKPublicAffairsand CorporateCommunication. ............................................ Money AND Millennials Mostofthosesurveyedaredoingtheirbesttolivewithintheirmeans. DISCIPLINESHOWS decidednotto do/buysomething becauseitwouldbe betterfortheir finances disagreethat theyusuallybuy somethingona creditcardrather thansaveupcashif theycan’taffordit couldmaintaintheir currentlifestylefor 6monthsormoreif theylosttheirjob tomorrow 81% 75%36% Whenfinancialpressuresmount,Millennialsseetheeffectsintheir: FINANCIALSTRESSTEST Source USATODAY/BankofAmericaBetterMoneyHabitspoll FRANKPOMPA,USATODAY Emotional well-being Work performance Physical health Personal relationships Leisure activities/ interests 65% 55% 49% 42% 22% Millennialsarenotdownwith beingindebtandgettingridofit isoneoftheirtop fi nancialpriori- ties,accordingtothelatestUSA TODAY/BankofAmericaBetter MoneyHabitspoll. Nearlytwo-thirdsofthosesur- veyedsaidthathavingnodebtisa toppriorityrightnow,ranking slightlyabovehavingminimal fi nancialstress,spendingless thantheyearnandhavingemer- gencysavings. Yetmorepeople(20%)consid- erhavingsavingsoverbeingdebt- free(13%)asthede fi nitionof being“ fi nancially fi t, ” according totheonlinesurveyof1,320peo- pleages18to34. Thedataalsoshowsigni fi cant dividesinthecon fi denceand habitsofcollege-educatedMil- lennialsandthosewithouta degree.Nearly60%ofthosewho graduatedfromcollegefeelsome- whatsatis fi edwiththeircurrent fi nances.Yetamongthosewho didn’tgraduate,thatnumber dropsto40%. Collegegraduatesarealso morelikelytosaytheir fi nances areingoodorexcellentshape. Meanwhile,non-collegegradsare nearlytwiceaslikelythancollege gradstospendmorethanthey make(35%vs.19%). Althoughthemajorityofthose polled—64%—havesavings,that sharedropsto57%forpeople whohaven’tgraduatedfromcol- legeandjumpsto85%forthose whodid.Anddespitetheburden ofstudentloandebt,collegegrad- uateshavemuchmore fi nancial con fi denceandsatisfactionthan thosewhoskippedcollegeorwho startedbutdidn’tgraduate. Still,acrosstheboard,roughly halfofMillennials(51%)saythey foreseenotmakingenoughmon- eyasanobstacletoachieving fi nancialwellness,whetherthey wenttocollegeornot.Indeed, wagegrowthhasbeenslowin recentyears,growingroughly2% ayear,accordingtoLaborDe- partment fi gures. Theyalsohavesomesteep challengesinreachinggoalssuch as“tonothavedebt,tohaveasafe amountofsavingsandyethave adequateresourcesforthe future, ” saysMarkAvallone,a certi fi ed fi nancialplannerand presidentofPotomacWealth AdvisorsinPotomac,Md. Evenamongthosewithsav- ings,43%havelessthan$5,000 sockedaway.Onlyathirdofthose withsavingshavea401(k).About halfofolderMillennials,ages26- 34,withsavingshavea401(k), whilejust14%ofyoungeradults havestartedsavinginsuchplans. “Theyshouldbeworried, ” AvallonesaysoftheMillennial generation.“Someoneintheir 20s,evenonamodestincome, willneedtosave$1millionor more(forretirement). ” Andintheshortterm,the problemwithprioritizingdebt reductionoversavingsisthat whenemergenciesinevitably arise,Millennialsmaynotbepre- pared,saysTomWhite,CEOof iQuanti fi ,a fi nancialadvisingsite aimedatyoungadults. “Ifyouhaveaneedfor$1,000 andyoudon’tevenhavethatin yourcheckingorsavingsaccount, whatdoyoudo? ” hesays. Despitetheirdebtloadand smallamountofsavings,Millen- nialsgenerallyfeelsatis fi edwith their fi nancesandcon fi dent abouttheirabilitytomanage money—eventhoughmostalso worryabouttheir fi nancialsitua- tionatleastsometimes. They’realsowaryoftakingon moredebt,withmanyhesitantto pulloutcreditcardsforitems theycan’ta ord.Nearlyhalfsaid theycompletelydisagreedwhen askediftheyusuallybuythings theycan’ta ordonacreditcard. Alittlemorethanaquartersay theysomewhatdisagree. Theremaybeatleastone encouragingsignforthecoun- try’syoungadults:Thedatashow “theyarepayingattention,which Ithinkbodeswellforthefuture, ” saysAndrewPlepler,headof globalcorporatesocialresponsi- bilityatBankofAmerica. MILLENNIALSCAN’T WAITTOWHITE-OUT DEBT HadleyMalcolm @hadleypdxdc USATODAY Whilethey sometimesget abadrap,youngpeople arestrivingtolive withintheirmeans GETTYIMAGES/ ISTOCKPHOTO Source USATODAY/BankofAmericaBetterMoneyHabitspoll Formoregoto www.BetterMoneyHabits.com FRANKPOMPA,USATODAY HereiswhattheAlzheimer’s Associationsuggests: u Dotheyofferspecific servicesthepersonneeds? u Isfamilyinvolvedwith creatingandreviewingcare plans? u Isthestafftrainedin dementiacare?Aretheircredentialsverified? u Doestheagency,serviceproviderorcare facilityconductbackgroundchecksonstaff? u Whatistheprocedureifthecareprovideris sick,onvacationorquits? u Couldtheyprovideatleastthreefamiliesto callasreferences?Contactthefamiliesandask abouttheirexperiences,thecarethepatients receivedandanyconcernstheyhad. u Foradultday/respitecareprovidersor residentialcare,arrangeameetingwithstaff andtaketimetolookaround.Areindividuals involvedinactivities?Whatisyouroverall feelingabouttheenvironment? u Forin-homehelp,askifthecareprovider cancometoyourhometomeetyouandthe personwithAlzheimer’s.Payspecialattention tohowwellthecareproviderinteractsand communicateswiththepersonwithAlzheimer’s. WHATTOASKPOTENTIALPROVIDERS Ittookaboutofpneumonia forJanisKaumptogetaccepted intoanursinghome,whereshe couldreceivethebestcareforher dementia. Eventhoughnursinghomes aren’tsupposedtodiscriminate basedonsomeone’sabilitytopay, “thepatientneedstobeaccepted atthefacility, ” saysJudyStein, executivedirectoroftheCenter forMedicareAdvocacy. Asapracticalmatter,shesays, thatmeanseitherbeingtrans- ferredfromahospitalwherethey wereadmittedforatleasttwo nights“orthatyouhaveenough moneytopayfortheforeseeable future. ” Thoseareamongthemany challengestheKaumpfamilyand othersfacewhendealingwithan elderlypatientwithdementia. Andonekeytodealingwiththe oftenmind-bogglingrulesand costs,expertssay,isplanning. SandyMarkwood,CEOofthe NationalAssociationofArea AgenciesonAging,advisesfam- iliestostartthinkingabouthow togetandpayfor24-hourcareas soonasalovedoneisdiagnosed withdementia. Thatway,parentscanhavea sayintheircarewhentheyarelu- cidenoughtodoso,andfamily memberscanknowthepatient’s wishes.Theycanalsostartthink- ingaboutwaystoarrangecare- givingamongsiblings, fi ndthe supportservices,adaptthepar- ent’shomeandlineuptranspor- tationfordoctor’sappointments. “We’veheardhorrorstories fromthe fi eldfrompeoplewho didn’tplanahead, ” Markwood says. Long-termcarecouldbreakal- mostanyone’sbank.Genworth Financial’s2015AnnualCostof Carestudyshowsthatforone year,themediancostsnationally foraprivateroominanursing hometotal$91,250,whileasemi- privateroomis$80,300.Theme- diancostforahomehealthaideis $45,760,$43,200forastayinan assisted-livingfacilityand $17,904foradultdaycare. “Elder-careattorneysdofar morecrisisplanningthanpre- planning, ” saysKellyGannott,a partneratKentuckyElderLawin Louisville. JanisKaump,wholivesin Hamden,Conn.,justmarkedher 97thbirthday,aboutfouryears aftershewasdiagnosedwithse- niledementia.Janis’sonRandy andhiswife,MaryKaump,trieda varietyoflivingsituationsuntil settlingona$13,000-a-month sharedroomonthesecurede- mentia fl oorofanursinghome. Thefamilyspentabout $300,000ofJanis’moneyand $100,000ofthecouple’stocover hercare.Thisincludedalive-in healthaidesoJaniscouldlivein anapartment,whichwasher fi rst choice.Butwhenherdementia worsened,theymovedherinto thenursinghome. Thenursinghome’s fi nancial counseloradvisedMaryonevery- thingshe’dneedtodoto fi lefor Medicaid,seeingJanis’money wouldsoonrunout.Maryspent nearlyeightmonthsgathering paperwork,andJaniswasap- provedaboutamonthafterthe applicationwassubmitted.The documents fi lledtwolargeboxes; thebankcostsformakingcheck copiestotaledabout$200alone. Lewissuggeststhatpeople seekadvicefromelder-careattor- neys,whocanhelpnavigatethe fi nancialmorass,sortoutpower- of-attorneyissuesandhelppa- tientswritelivingwills. Areaagenciesonagingornon- pro fi tsliketheAlzheimer’sAsso- ciationcanalsohelp,ascangeria- triccaremanagers—although manyoftheseconsultantscharge afeeorareassociatedwithspe- ci fi cnursinghomes. Still,theprocessremainsemo- tionally,and fi nancially,draining. “IwasveryfortunateIhadMary, ” whoisaformeremergencynurse, saysRandyKaump,anobstetri- cian/gynecologist.“Iwouldnot havehadthetime,nordoIhave thetemperamenttodealwithit. ” Ittakesavillage — andalot ofmoney — tocareforaparent PHOTOSBYSTANGODLEWSKI,FORUSATODAY Randall Kaump,with hismother, JanisKaump, 97,inher $13,000-a- monthnurs- inghome. Some a uent families canpay outof pocket forcare foryears, butthen what? JayneO’Donnell andLauraUngar USATODAY JudiStein, executive directorof theCenter forMedicare Advocacy. MaryKaump, center,spent nearlyeight monthsgath- eringallof thepaper- workneeded toapplyfor Medicaidfor hermother- in-law,Janis Kaump. u TheNation- alClearing- housefor Long-Term CareInforma- tionhas informationto helpfamilies planforfuture long-termcare needsat healthin aging.org. u Eldercare .gov ,aservice ofthefederal government runbyMark- wood’sorgani- zation,con- nectspeople toservices, includinglegal andfinancial, forseniorsand theirfamilies. Theservices onthissiteare vetted,asis theinforma- tioninthe clearinghouse. u Searchfor “Nursing HomeCom- pare ” atthe Centersfor Medicareand Medicaid Services’ Medicare.gov tohelpchoose ahighlyrated nursinghome. ONLINE USATODAY — DEMOCRATANDCHRONICLE SUNDAY,OCTOBER18,2015 E3 7B PERSONALFINANCE

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