By John Paul Marosy, President
Bringing Elder Care Home LLC
jpmarosy@charter.net
(508) 854-0431

Laurie Young, executive director of the Older Women's League, and Sandra Newman, Policy Specialist with the National Alliance for Caregiving, have written a policy paper entitled Caregiving and Retirement: What happens to caregivers who leave the workforce. This article presents highlights. The paper is available free, in its entirety, at the National Family Caregiver Alliance website at www.caregiver.org

Train-the-Trainer Conferences Coming to A City Near YOU! Learn to present the dynamic seminar, Elder Care and Work: Finding the Balance. Register today and join us at one of three 2006 conferences: - Rockville, MD on Sept. 15; - Salem, OR on Sept. 28; and - Rosemont, IL (Chicago O'Hare Airport)   on Oct. 20. Each conference is limited to just 24 participants, so act today. We expect the events to fill quickly. The cost of just $239 (Early Bird discount of $229 if you register 30 days before the event) for the all-day conference includes breakfast and lunch, all materials, and 30 days of free e-coaching after the event, as well as the first year's presenter license fee. Some comments from 2005 conference attendees: "I appreciate your flexibility in adapting your program to our particular needs." "Wonderful seminar - very interactive. I plan to advocate for caregivers and make a difference!" "Very clear - specific tools are useful!" "Presenter was very easy to follow. The skills practice exercise was an excellent learning experience." Click here for the complete brochure describing conference content in detail (and including registration form). This year's conference sponsors include Life Work Strategies, Inc. (Rockville) and the Oregon Association of Area Agencies on Aging and Disabilities (Salem). Click here to enter your registration fee amount and pay by VISA or MasterCard Questions? Call or email me any time at (508) 854-0431 or jpmarosy@bringingeldercarehome.com Do it today!

Authors Laurie Young and Sandra Newman provide a concise review of the research into the effects of family caregiving on employees and their financial well-being. They point out that four main factors have an impact on retirement savings for employed family caregivers:

• Reduced Social Security benefits based on earnings;
• Limited access to employer-sponsored pensions;
• Moving from full-time to part-time work and taking leave; and
• Limited personal savings.

• Even though Social Security payments are based on a progressive benefit formula, so that lower wage earners receive a higher rate of return when they retire, the formula doesn't take into account the unique work patterns of employed family caregivers. As many as 17% of retired adults are dependent on Social Security as their only source of income. And family caregivers who leave the workforce due to caregiving may lose as much as $2,100 per year in future Social Security benefits, according to one study.
  
  
• According to a study by the Center on Women and Aging, employed caregivers lose an average of $550,00 in wages over a lifetime, due to caregiving. Young and Newman point out that "these foregone wages may also be a foregone opportunity to save - an integral part of retirement security."

1. Expand the federal Family and Medical Leave Act to include workers on the job less than the current 1,250 hours per year. In addition, since so many employed family caregivers cannot afford to take unpaid leave, there is a need to pass wage replacement legislation, like the law enacted in California in 2002. Also, FMLA should require employers to continue to pay into federally-qualified retirement plans during periods of leave.
   
   
2. Change the way Social Security benefits are calculated. For example, reduce the total number of years over which benefits are calculated from the current 35 years. Reducing the computation period would assist in "disregarding" periods of no or lower earnings, two factors that contribute to the lower benefits now accrued by many women who have taken time off for caregiving.
   
   
3. Improve pension coverage for caregivers in the paid workplace by revising federal law to prevent employers from excluding part-time and temporary workers from pension benefits or contributions, as the law currently permits.
   
   
4. Enhance existing dependent care tax credits by easing the currently over-restrictive definition of the "dependence" test. This would enable more family caregivers to avail themselves of this credit. Pass legislation allowing more general tax credits for family caregivers.
   
   
5. Make dependent care spending accounts applicable to elder care. Currently, the rules require that the adult receiving care must spend eight hours per day in the home of the worker in order to qualify. Current rules also require that any unused portion of the spending account revert to the employer at the end of the year. Allowing rollover would permit more flexibility for meeting elder care costs which are more unpredictable than costs for child care.
   

What do you think? Take a moment now to send us an e-mail with your opinion to jpmarosy@bringingeldercarehome.com We will publish your thoughts in the next issue.

John Paul Marosy
Editor and President,
Bringing Elder Care Home, LLC

John Paul Marosy is the author of Elder Care: A Six Step Guide to Balancing Work and Family, available from Bringing Elder Care Home Publishing online at www.bringingeldercarehome.com or by calling 508-854-0431.

Visit www.bringingeldercarehome.com, call or email to learn how your organization can offer this effective resource: (508) 854-0431, jpmarosy@bringingeldercarehome.com

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