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Battered Economy’s Big Bite on Seniors

02.01.2009Caregiver’s Home Companion

Can They Weather the Storm?

For Ryan Malone, the economy has taken an enormous toll on him as a caregiver. With a fixed expense leaving his mother’s account every month, the prospect for growth and the amount of time her funds will last has been cut by upwards of 40%.

Malone, author of By Families, For Families Guide to Assisted Living, and his mother are not alone. The US economy is experiencing one of its most dismal periods in recent history. Businesses are worried, consumers are cautious, and investors are downright jittery. What does this mean for seniors and their family caregivers?

According to John Buckles, chief executive officer at Caring Transitions, a Cincinnati-based senior relocation firm, a major concern for many older people has long been outliving their assets. “The economic downturn makes that even more realistic for them to foresee,” Buckles says. “Older adults often lack the time needed for the market to correct itself so they can make up their losses.”

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