Your Money

The U.S. consumption rate continues to baffle even as savings dwindle and consumer debt rises for many Americans...but not for seniors. One reason spending has proven so resilient, even as the Federal Reserve has raised interest rates, is that seniors are spending a lot as they live better and longer. Americans aged 65 and up accounted for 22% of spending last year, the highest share since records began in 1972 and up from 15% in 2010, according to the Labor Department’s survey of consumer expenditures released in September.

Some argue that this demographic can single-handedly keep the economy out of recession. The growing hunger to spend by seniors is amplified by their sheer numbers. The unusually large cohort of baby boomers, the youngest of which are 59, are reaching their retirement years en masse.

The U.S. Economy’s Secret Weapon: Seniors With Money to Spend
by Gwynn Guilford

Your Life

Companion care is a form of home care offering non-medical services to older adults or people with disabilities. It provides various beneficial services that make life more manageable for older adults. It differs from personal care in that personal care aides (also known as home health aides) may provide the same services as companion care but also help with tasks such as bathing, dressing, and medication management, depending on specific state regulations. The goal of companion care is primarily emotional support and socialization, although companions may help older adults with various tasks such as light housekeeping and chores; running errands; planning and scheduling appointments and social activities; transportation to appointments and other activities; preparing meals; socialization and entertainment; communicating with family members and other care team professionals; and more.

Companion care may be provided on a formal or informal basis. Some older adults have friends who stop by periodically for a friendly visit and help them manage household tasks. Other companion services are available on a formal, paid basis, offered through various local organizations or independent contractors. The average national median cost for companion care (classified as homemaker services) is $125 per day or $3,813 per month. Average costs vary from state to state, ranging from a median average of $96 per day to $175 per day. Companionship itself is the most important, particularly for seniors who live alone and find it difficult to get out of the house. Companion care is a valuable benefit for older adults who face challenges in keeping up with daily household chores, are at risk of isolation, or need transportation to appointments and other locations. If your aging loved one wants to age in place, companion care is one of the most helpful services to enable them to remain independent in their own home.

What is Companion Care? Here are the Costs, Duties and More
source: Careforth

Complexity Simplified

Trivia