tag:blogger.com,1999:blog-2096776708897685863.post7497108516130712782..comments2024-02-23T04:39:49.329-05:00Comments on Conversations in Klal: Before We Talk About the Golden YearsProfKhttp://www.blogger.com/profile/17954446826821665314noreply@blogger.comBlogger93125tag:blogger.com,1999:blog-2096776708897685863.post-74686566939367563292011-05-25T13:27:16.111-04:002011-05-25T13:27:16.111-04:00Mark,
The anti-insurance claims always like to po...Mark,<br /><br />The anti-insurance claims always like to point out the slim margins of the insurance companies. They know their odds. Aggressively competitive insurance programs DO pay out over 100% of premiums, since the insurance companies are in the business of the carry trade, if they collect $100 from you, and pay out $100 in benefits to you in 1 year, and they make 6% on their investment portfolio, they made $6 on your account. While you "lost" the time value of money, your safe rate of return in lower than their balanced one, since they have a more diversified investment portfolio.<br /><br />Those that need LTC, win from the insurance package. Those that do not, lose from the insurance package. If everyone has it, then everyone takes a hit and there are no winners/losers from bad luck.<br /><br />OTOH, the losers can collect medicaid, so maybe that is a benefit to self insuring and giving away your assets.<br /><br />If the LTC providers are able to negotiate lower than "rack rates," then there may be a big win, since the rack rates will explode in the coming years because you need to squeeze out all of the patient's assets fast before they become a medicaid case.Miami Alhttps://www.blogger.com/profile/02977503720972852329noreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-74821442737755647522011-05-25T13:03:46.786-04:002011-05-25T13:03:46.786-04:00The only way it could be helpful is if you assume ...<i>The only way it could be helpful is if you assume that the insurance companies "give away" money.</i><br /><br />The insurance companies know the odds. Someone who has paid $100k into their Long Term Care Insurance, and drops dead on the spot of a stroke or heart attack is pure profit. Someone who bought their insurance last month, is in an accident, and then maxes out their insurance benefit is nearly pure loss.Davehttps://www.blogger.com/profile/04391023891253673160noreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-23729066508812939192011-05-25T12:16:45.598-04:002011-05-25T12:16:45.598-04:00Miami Al - I can't find good tools, but it loo...Miami Al - <i>I can't find good tools, but it looks like a 65 year old can fund a long term care policy that would cover 100k/year for 5 years at around $100,000-$200,000, give or take. That's a big chunk of money.</i><br /><br />On a community-wide basis, LTC policies (by definition) cannot be helpful as a solution to this problem. The only way it could be helpful is if you assume that the insurance companies "give away" money.<br /><br />The <b>only</b> aspect that <i>may</i> be helpful is the "forced savings" aspect of pre-funding LTC expenses via an insurance company. But somehow people always find a way to either deplete "forced savings" or screw it up some other way (stop paying because some other urgent and immediate expense came up).Marknoreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-1737220662386315612011-05-25T11:56:01.384-04:002011-05-25T11:56:01.384-04:00Al,
To continue your social security metaphor, th...Al,<br /><br />To continue your social security metaphor, the problem is that we've flipped the way it's supposed to work. Frum families should have no problem as you mention. Let's assume relatively small families of 3 kids each. That gives a set of parents 3 children and 9 grandchildren. That's 12 people to help support 2 grandparents. Even figuring in the other set of grandparents, you should have more than enough people to support grandparents in their old age.<br /><br />But, we do the exact opposite. It's not 12 people supporting 2 grandparents, it's 2 grandparents supporting 12 people! We've got our own little social security funding issue because of how backwards frum finances are.<br /><br />Add on to that the problems you've listed: it's not so easy to get a very high-paying job, age of marriage and kids is incredibly low, and we have an overblown sense of entitlement.<br /><br />Here's a case study: guy my wife knows makes about $225k a year working long hours in the city. His wife doesn't work. One kid at home and likely several more in the near future. He's now looking to buy a large house in the NYC area. That salary may seem high, but there is no way there will be much of anything left over after mortgage and tuition in the coming years. So, while no one should shed tears for him, there's no question he won't be getting ahead in life financially. Taxes and his mortgage and tuition will eat up nearly all of his salary for the next 20 or so years. He'll soon be capped out salary-wise at his job unless he gets a huge and rare promotion and that's that.<br /><br /><br />Now, change the scenario a bit. This guy got married later in life (at 28). Move his marriage date back 5 years to 23 and substitute 1 kid at home for 3 kids at home. He's now starting to pay tuition as opposed to that being 3-4 years away. Add in student loans for college and grad school. His financial picture just went from bad to worse.<br /><br />And this guy is at the top of the earning ladder practically. This is the real danger. Destroying wealth instead of building it.<br /><br />You can blame it on the large house or you can blame it on expensive yeshivas. In the end, it's two sides of the same coin - the personal or communal sense that these things are required.JSnoreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-38962300078541811152011-05-25T11:22:55.739-04:002011-05-25T11:22:55.739-04:00JS,
How's this:
Social Security worked FINE ...JS,<br /><br />How's this:<br /><br />Social Security worked FINE when the population was growing rapidly. The Baby boomers were able to support the smaller and less affluent "Greatest Generation" and "Forgoten Generation" in retirement relatively painlessly. Yes rates went up and a "trust fund" was established, but the ultimate problem with social security is that there were 16 workers supporting a retiree in the beginning, which has dropped and is expected to hit around 2.1.<br /><br />In the Frum world we do NOT have that problem, our population growth rate is such that we have more young than old. Therefore, the problems ProfK is identifying is pretty easy to solve. Yes we need Frum "medical" and "senior" support infrastructure, since today's retiring frum Jews are frum in a way their parents/grandparents weren't, and therefore it's not enough to be in a Jewish facility and have some Kosher meals, it's Shiurim/Minyanim in specific Nusach, etc., all things not needed by Orthodox elderly in the past. They are needed, but the retiring Frum Jews are MUCH smaller in number than the school aged Frum Jews -- this is the OPPOSITE problem as happening in America.<br /><br />However, the expectation of spending more and more has become built into Frum culture and become a religious obligation. That was fine when Jewish incomes were soaring -- it's not hard to find families earning 200k-350k (top 3% of American income) that two or three generations ago were poor immigrants.<br /><br />This presents two problems:<br />1. There are no easy gains -- there are (were) defined career paths to get to those ranges, a JD or MD gets you in there, there is no "Hedge Fund Manager degree" just business education, a first job, and luck and skill to get from there<br /><br />2. The decreasing age of marriage/first child is actually lowering income by short circuiting that career starting phase<br /><br />3. Ever increasing expectations for what a child is entitled to<br /><br />So we have made childhood more expensive while earning power of parents have dropped so were are siphoning money from empty nesters to support the young. That leaves no money for the old.<br /><br />Forget Yeshiva which has doubled in 20 years AFTER inflation. How about Frum summer camp? Frum colleges? Less work experience. There are lots of things going on in the Orthodox world that is harming earning power while we are increasing costs.Miami Alhttps://www.blogger.com/profile/02977503720972852329noreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-56535400111015953192011-05-25T11:22:21.598-04:002011-05-25T11:22:21.598-04:00ProfK - Golly (wink, wink), who would have thought...ProfK - <i>Golly (wink, wink), who would have thought that mentioning making a list could get people so worked up.</i><br /><br />Nobody in power (our Rabbis and other leaders) has any interest whatsoever in creating such a list or even in suggesting the creation of such a list. The reason is that such a list could potentially stop the employment agencies that we call Jewish institutions right in their tracks.Marknoreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-40784486052356831122011-05-25T11:13:43.387-04:002011-05-25T11:13:43.387-04:00I think that the biggest threat to middle aged par...I think that the biggest threat to middle aged parents is the expectation of parental support for grown children. Look, my parents have the means to buy whatever my kids desire, this undoubtedly saves my wife and I money, though it's not $1 for $1... buying my toddler daughter a $50 dress doesn't save us $50, but it does save us $10 on buying her a dress, other examples are less strong.<br /><br />However, the expectation that grandparents pay for private school tuition is at the CORE of the inability to put money away. The second core is a form a cultural decay, we aren't impressed with the wealthy for their ability to accumulate wealth, we're impressed with their expenditures. Hence JS's story. We have one in town here, family had a big house, through big parties, etc. The kids grew up and live in town. They didn't need the house any more, the children and grandchildren live in the same neighborhood. They downsized to a MUCH smaller home, and they seem much happier, their expenses are lower, they have money to spend on other things, and during the economic downturn, he didn't have to eat his seed corn to survive.<br /><br />Keep them in the big house, pay for the grandchildren in private school, and they go from wealthy pillars of the community to paupers REALLY REALLY quickly.<br /><br />But Abba's point is on target. If your grown children are unable to support themselves and their children, what are you doing differently with younger children so that they can? Plenty of my parents secular friends are supporting grown children, helping with apartments, etc. One BIG advantage is that in the secular American world parental support is expected to stop at marriage. So while they might indulge 20 somethings starting a career and their grandchildren 10 years later, they aren't buying 20 somethings a house that they can't afford to fill with children that they can't afford.<br /><br />When a family runs out of money, they have two choices, cut expenses or increase income. I'm not seeing a LOT of second jobs OR painful sacrifices in the Frum community. I'm watching what's left of anyone's asset base get quickly consumed to pay for today.<br /><br />I'm also seeing a push for cheaper colleges... If that was excellent state schools, I'd think that this is reasonable (University of Florida is academically stronger than Yeshiva University), but I'm seeing much more of Touro over Yeshiva University, which I believe is going to portend to problems down the road.Miami Alhttps://www.blogger.com/profile/02977503720972852329noreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-34009496218967038732011-05-25T11:06:20.800-04:002011-05-25T11:06:20.800-04:00Lynn and Chaim,
I don't think this has anythi...Lynn and Chaim,<br /><br />I don't think this has anything to do with boomers per se, I just think it's a convenient term for the "older" generation that has not yet retired.<br /><br />There's two aspects to the "blame game" for any generation. There's a communal aspect in terms of why are yeshivas so expensive, why do certain social pressures exist, why are so many expensive luxuries "required", etc. Then there's a personal aspect in terms of why people don't save enough, spend too much, etc.<br /><br />There's a lot of blame to go around both communally and personally. What makes this a "Jewish" or "frum" problem as opposed to an American consumerism problem is that we attach religious value to all the things we overspend on. Whereas a John Doe American will go into debt $2k on a nice flatscreen TV, he doesn't think it's "required" of him unlike Chaim Goldberg who goes into debt $2k on a nice silver candelabra because it's "hiddur mitzvah." When the economy downturns, most of the John Doe's will cut back and save more, but you can't cut back and save when you feel you're religiously obligated to spend, spend, spend.<br /><br />The overall financial trend in our communities is downwards. Each subsequent generation is on track to be worse off than the one before it. This isn't simply a RW phenomenon due to kollel or a denigration of work or secular studies. It affects each section of Orthodoxy due to various factors and influences. This is dangerous for all of klal, not just the next set of retirees who may have less than necessary to live on.<br /><br />How much longer can we sustain multi-generational support for children to attend yeshivas in which parents, grandparents, and even great grandparents are paying the tuition bill?<br /><br />There's an entire blog devoted to people making over $200k who cannot comfortably get by due to tuition costs. We're draining money out of klal at an alarming rate. Do you think the current generation of parents paying tuition will be able to support their children or grandchildren the way current "older" generations do? Because if they can't, that's a crisis right there even without the enormity of retirement costs.<br /><br />Our communities are wholly reliant on multi-generational support and that system simply cannot survive unless each subsequent generation is better off than the one before it. We're simply not doing that.JSnoreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-18831142870276733832011-05-25T10:47:29.455-04:002011-05-25T10:47:29.455-04:00also, regarding middle-aged parents who are concer...also, regarding middle-aged parents who are concerned that because of years of tuition, simchas, etc. and because they have to help their adult children financially they won't be prepared for retirement: many of these parents still have younger children at home. are they changing course with how they raise and educate these children? this also needs to be addressedAbba's Rantingshttp://abbasrantings.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-30750937398392234662011-05-25T10:41:17.683-04:002011-05-25T10:41:17.683-04:00LYNN:
the senior/retiree "crisis" (agai...LYNN:<br /><br />the senior/retiree "crisis" (again, i haven't referred to "boomers") has to be addressed on 2 fronts. first, how to provide for the upcoming wave of seniors/retirees witout adequate financial resources.<br /><br />secondly, how to prevent the present and future generations from falling into the same trap. how do you accomplish the second goal for the present and future generations without addressing some what caused the problems with the previous generation? whether these causes were predictable or not is irrelevant when addressing the present and future geneations. the point is we need to learn from those causes. doubtlessly over the next decades additional unpredictable factors will present themselves, but this does not absolve us of the obligation not to repeat the mistakes or previous generations.<br /><br />however, in the meantime the current generation is shutting its eyes to to the mistakes of the previous generation and the cycle will be perpetuated if not exacerbated.Abba's Rantingshttp://abbasrantings.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-1867094419665168322011-05-25T09:47:36.676-04:002011-05-25T09:47:36.676-04:00Read all the comments and am puzzled by a few of t...Read all the comments and am puzzled by a few of them, the ones that say the boomers spent too much, saved too little and are going to be in financial trouble when they get older. On what are these statements based?<br /><br />I'm a boomer and here's my take. Some boomers will be in financial trouble as they get older, but then so will some members of every generation be in that same financial trouble. They may not have made very much in salary when they were younger so there wasn't much if anything to put away. A lot of boomer wives didn't go to work until their kids were older and so what they could earn to put away is less.And yeah, some spent too much and didn't prepare right for the later years. This is not a defining characteristic of the boomer generation.<br /><br />Among my friends and acquaintances we all have savings for retirement--it's a topic of conversation among us--some more, some less. But one of the problems we discuss is that nobody could predict accurately just how much money would be enough to have, to know how much to save. The formulas that the financial gurus gave out and the government gave out have changed more than once since we started out working. And have you seen interest rates lately? If interest income is part of what boomers are counting on then our income has dropped by 80-90%. <br /><br />Then there are the high costs of medical care that nobody could have anticipated correctly. And all the changes in government programs.<br /><br />Anyway, if there is going to be any intelligent discussion on the kinds of services that seniors might need or how the community might be called on to provide these services and other help it doesn't add anything to say the boomers brought this on themselves by being financially irresponsible.Lynnnoreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-4877750533825583042011-05-25T09:26:47.690-04:002011-05-25T09:26:47.690-04:00CHAIM:
if the concern is how to provide for those...CHAIM:<br /><br />if the concern is how to provide for those who will soon get caught in the web of the senior/retirement crisis--btw, i never used the term baby boomers--then there is no purpose in understanding how we got to this state (or in laying blame, as you describe it). but if the concern is ensuring that this crisis is a short-term phenomenon and doesn't becaome part and parcel of the jewish life-cycle then we need to understand the causes of how we got here (or lay the blame, if you prefer).Abba's Rantingshttp://abbasrantings.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-1924050574076058592011-05-24T17:46:26.207-04:002011-05-24T17:46:26.207-04:00Good heavens, took a few hours to earn that payche...Good heavens, took a few hours to earn that paycheck I get and I come back to this. Not even sure where to begin so I'm going to make dinner and get back to you all.<br /><br />Golly (wink, wink), who would have thought that mentioning making a list could get people so worked up.ProfKhttps://www.blogger.com/profile/17954446826821665314noreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-14189453171236862602011-05-24T15:29:23.113-04:002011-05-24T15:29:23.113-04:00I've been following the comments and it kind o...I've been following the comments and it kind of bothers me that what I'm getting from a whole bunch of the comments is a hostility towards the boomers. The boomers are blamed for squandering their money. The boomers are blamed for the tuition problems. The boomers are blamed for being too fancy and not wanting to live without all their unnecessary toys like giant houses and jewish services of the type they want. The boomers seem to be blamed for anything and everything.<br /><br />So here's my take--wake up everybody else because it's not all the boomers' fault and never was. We'd all get a lot further in solving our problems if we weren't so darned busy pointing fingers at everybody else, the boomers in particular. <br /><br />The boomers sit agewise at the top of four generations--plenty of greatgrandchildren around for some of them. So where were those other adult generations when all the problems were developing? Leaving it for their parents and grandparents to solve? The boomers value yeshiva education and sent their kids. But when their kids were going to yeshiva there never was the type of tuition you see today. And there wasn't all the shtick and chumrahs you see around today either. Those boomers valued secular education and they damn well made sure their kids were going to get one. And for the kids that weren't college material they made sure there would be training for a job. <br /><br />If you're going to parcel out blame then at least let's get it right. Those who come after the boomers have just as much of the blame as we put on the boomers and maybe a lot more because you hear a lot of complaining from those after boomer generations and not very much of workable suggestions or even personal action.<br /><br />Must be real nice to look in a mirror and see someone completely innocent instead of the guilt that should be there. You want to settle the mess we have gotten into in ALL the generations then stop blaming the boomers for it all and start using your brains and mouths to come up with workable solutions.Chaimnoreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-12884598081836794752011-05-24T15:25:57.031-04:002011-05-24T15:25:57.031-04:00If the 65 year old can get Long Term Care Insuranc...If the 65 year old can get Long Term Care Insurance. Many won't be able to.<br /><br />Long Term Care Insurance is one of those things that is best bought as young as you can afford to buy it. Putting it off for later is both expensive, and possibly precludes buying it at all.Davenoreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-5491475909696520272011-05-24T15:17:47.445-04:002011-05-24T15:17:47.445-04:00Dave,
"Inflation adjusted Long Term Care Ins...Dave,<br /><br />"Inflation adjusted Long Term Care Insurance is pricy, and gets a lot more expensive the older you are."<br /><br />I can't find good tools, but it looks like a 65 year old can fund a long term care policy that would cover 100k/year for 5 years at around $100,000-$200,000, give or take. That's a big chunk of money.<br /><br />But it's less than the value of the Tudor in Teaneck that houses all their grandchildren for the visit.<br /><br />So what's more important?Miami Alhttps://www.blogger.com/profile/02977503720972852329noreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-42719424129283690062011-05-24T15:17:01.592-04:002011-05-24T15:17:01.592-04:00The problem is that they squandered their cash, an...<i>The problem is that they squandered their cash, and think that other people should therefore give them their money to continue living in luxury.</i><br /><br />Don't we often hear how people who have become poor must be supported by the community in accordance with their former standard of living? I defy anyone to explain how this halacha should really be implemented, but the idea is that no one should suffer any loss of status, even if it's his own fault he squandered his money (or took a bad investment risk, etc).tesyaanoreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-54604787349242564152011-05-24T15:14:56.028-04:002011-05-24T15:14:56.028-04:00Al, my point was not that frum American Jews shoul...Al, my point was not that frum American Jews should get to keep their houses because Medicaid allows it. My point is that Medicaid ALLOWS IT, period: therefore letting people keep their houses can be deduced to be a value that's important to Americans. If it's valued by Americans, most likely it's valued by American who happen to be frum Jews.tesyaanoreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-52145942509191191342011-05-24T15:07:16.753-04:002011-05-24T15:07:16.753-04:00Tesyaa,
"Al, the problem is that many of the...Tesyaa,<br /><br />"Al, the problem is that many of the boomers who should have been well-to-do have squandered their cash. It's understandable that people are not sympathetic, but they still have the same elder care needs whether they squandered their money or never had it. As for the house, no one is going to throw someone out of their house ... the government allows a large exemption for residence when a senior spends down his cash to qualify for Medicaid."<br /><br />Forgive me for NOT thinking that it is a community priority to keep wealthy boomers in their big houses while spending down to collect Medicaid and still getting fancy Frum facilities.<br /><br />We absolutely could dot hat, but if that's a desirable goal, someone needs to set up a charity that is designed to accept only Frum patients into the facility that can operate collecting Medicaid rates.<br /><br />The problem is NOT that they squandered their cash.<br /><br />The problem is that they squandered their cash, and think that other people should therefore give them their money to continue living in luxury.<br /><br />If they can keep their big house and collect Medicaid, good for them. But I'm not impressed at a need for tzedakah to keep them rich and powerful.Miami Alhttps://www.blogger.com/profile/02977503720972852329noreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-13379724582333853812011-05-24T15:05:49.289-04:002011-05-24T15:05:49.289-04:00Inflation adjusted Long Term Care Insurance is pri...Inflation adjusted Long Term Care Insurance is pricy, and gets a lot more expensive the older you are.Davenoreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-26963727911755681492011-05-24T14:48:22.341-04:002011-05-24T14:48:22.341-04:00It's really an excellent point that the frum c...It's really an excellent point that the frum communities should NOT be having a problem since they generally have more than enough children who can provide some assistance.<br /><br />Wanting all frum facilities is great, but it's not really a necessity. Personally, if I had a choice between a decent frum facility for rehab or medical care and a better place where I'd be eating kosher airline food, I'd choose the latter. My grandmother fell not too long ago and needed surgery followed by physical therapy. There were no fully frum facilities available. So, she went to nationally renowned local facilities and we had kosher food made available for her. It wasn't the best accommodations, but she can walk and care for herself, which is pretty remarkable given her age and the injury. I don't know if a frum facility would have had as good care or the same specialists.<br /><br />A couple of neighbors have recently put their large homes up for sale and have announced they're downsizing to smaller condos where you pay an association fee and everything is taken care of for you. I've heard more than a few people scoffing at the notion, wondering if the families have financial difficulties, and wondering how they'll possibly have their children and grandchildren over for holidays. Once again, social pressures in the community move in the direction of the most expensive luxuries.JSnoreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-69252440704844164182011-05-24T14:45:24.867-04:002011-05-24T14:45:24.867-04:00Do we need charitable causes to provide premium fa...<i>Do we need charitable causes to provide premium facilities to well-to-do MO Boomers? Absolutely not.</i><br /><br />Al, the problem is that many of the boomers who should have been well-to-do have squandered their cash. It's understandable that people are not sympathetic, but they still have the same elder care needs whether they squandered their money or never had it. As for the house, no one is going to throw someone out of their house ... the government allows a large exemption for residence when a senior spends down his cash to qualify for Medicaid.<br /><br />It just seems like "it's not a Jewish thing" to throw people out of their houses to pay for their needs. (Really, it's not an American thing).tesyaanoreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-51409995625401774602011-05-24T14:34:05.668-04:002011-05-24T14:34:05.668-04:00Actually, the "senior crisis" is a disti...Actually, the "senior crisis" is a distinctly NON Frum problem.<br /><br />The retiring boomer retirement crisis is that a LARGE percentage of boomers have no children and may or may not be estranged from their siblings who chose different paths.<br /><br />There are concerns with seniors that have no family to help them and are therefore at the mercy of government institutions.<br /><br />If you have 3-5 children, you have SOME support network. Even if you don't live with them, you have a non-senior child to read documents. Even if the children moved away, perhaps one can have online access to an account to do online bill pay and pay bills. There are LOTS of ways to have support.<br /><br />My mother is primary caregiver for her father, her siblings all live around the country and she's local. She visits him weekly to sort his medications, etc. However, other relatives are able to provide some logistical and financial support as needed, and he's able to live on his own.<br /><br />The unique Frum problems are basically spoiled rotten baby boomers that have had every whim catered to while they were earning comparatively good money, and never saved a penny of it, and now aren't sure how to live the good life without compromising.<br /><br />Boomers don't need the house to have all the grandchildren in, they could downsize, use the money to stay in a hotel or rent an apartment for Yom Tov. Nearly every 20 something I know goes away to family for Pesach and many look to rent their apartments.<br /><br />Long Term Care insurance is relatively inexpensive in one's 50s and 60s, which would cover many rehab related issues.<br /><br />Seriously, the money is there. However, you cannot have 100% of your assets be in a large house because you want to house 6 families comfortably for 2 weeks out of the year and be able to afford a premium rehab facility.<br /><br />There are legitimately impoverished parts of the Jewish people. Getting physical therapy in a facility without an afternoon Shiur is NOT their problem.<br /><br />This is ridiculous.<br /><br />The elderly are the wealthiest generation in America. The poor seniors are in a terrifying situation because they have no earning power. Do we need to set up charitable causes to help them? Absolutely. Do we need charitable causes to provide premium facilities to well-to-do MO Boomers? Absolutely not.Miami Alhttps://www.blogger.com/profile/02977503720972852329noreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-489736881231162742011-05-24T14:26:25.045-04:002011-05-24T14:26:25.045-04:00If it were not for the dual whammys of expensive (...If it were not for the dual whammys of expensive (and socially required) private education, and the increasing aversion to work (at least for men), the frum world would be admirably positioned to deal with the issues of aging.<br /><br />After all, large families (everything else being equal) should have an easier time supporting aging parents, because the expenses can be spread across more siblings. <br /><br />Instead, the parents are supporting their grown children, and the bridge is out ahead.<br /><br />((Posting without logging in because something is broken in Blogger))Davenoreply@blogger.comtag:blogger.com,1999:blog-2096776708897685863.post-79405757247784689092011-05-24T14:18:44.775-04:002011-05-24T14:18:44.775-04:00(i didn't mean to imply that we should ignore ...(i didn't mean to imply that we should ignore it just because it's not a jewish per se. i was just responding to the question of why it's not a priority for us.)Abba's Rantingshttp://abbasrantings.blogspot.comnoreply@blogger.com