7 ms·

Coincidentally, I just saw two separate job ads on the subway looking for caregivers. Maybe the next booming sector would be taking care of retired boomers.

n00bskoolbus 3y ago
Lets just hope it's done by the government and not by private corps gouging people who just need care.
- throwaway6734 3y ago
  The government will be gouging the young to pay for it. From the generation that brought you Ronald Reagan, boomers will have no trouble bankrupting the youth to pay for their entitlements
  - loeg 3y ago
    Washington state recently added a new youth to elderly wealth transfer program under this guise (LTC).
  - amanaplanacanal 3y ago
    The boomer playbook has always been voting themselves benefits to be paid for by their children and grandchildren. This seems to be universal: liberal, moderate, or conservative. See the national debt. And I say this as a boomer myself.
    - dragonwriter 3y ago
      > The boomer playbook has always been voting themselves benefits to be paid for by their children and grandchildren The Boomers were in their prime working years when the Silents under Reagan did the US’s biggest tax burden shift onto them, and cut their expected benefits along with it. What are you referring to, specifically?
  - dragonwriter 3y ago
    > From the generation that brought you Ronald Reagan, The age groups that Reagan won were the ones that are (predominantly composed of, because the categories don't perfectly match generation boubdaries) Silents and older. The Boomer age groups were tied (22-29 went 44 Carter, 44 Reagan, 11 Anderson) or for Carter (18-21 went 45 Carter, 44 Reagan, 11 Anderson.) The generation(s) that brought you Reagan are, for the most part, dead.
- s1artibartfast 3y ago
  I think that's a pretty unrealistic hope. I don't think the government is going to spin up up millions of workers to be in home caregivers and start building government funded nursing homes. That's not to mention the budget implications is such care. Some states are looking at or implementing new mandatory Insurance programs nursing home care, but these are far too late for Boomers to pay into them in a meaningful way
  - wintogreen74 3y ago
    Even government homes (in Canada) are often income/wealth-adjusted.
  - loeg 3y ago
    > Some states are looking at or implementing new mandatory Insurance programs nursing home care, but these are far too late for Boomers to pay into them in a meaningful way This has not stopped Washington state, for example, from allowing Boomers to benefit from these programs without paying into them in a meaningful way.
  - toast0 3y ago
    If you have medical necessity, Medicaid pays for long term nursing homes once you meet their financial requirements (spend down assets and have low enough income). Some nursing homes specialize in medicaid patients, which isn't much different than a government funded nursing homes IMHO.
    - s1artibartfast 3y ago
      I fully agree that's the case. I was more addressing the idea of the government providing the services directly and cutting the private providers out of the loop
anonporridge 3y ago
Retiree wealth mining is the next great gold rush! One interesting scheme I recently came across is an assisted living home that doesn't take regular payments. Instead, they have their residents sign over their entire net worth at the event of their death, leaving nothing for their inheritors. The tradeoff is that they get to stay for as long as they live. Of course, this scheme has some obvious perverse incentives for the operators of the home.
- canadiantim 3y ago
  Those are some terrifying perverse incentives, jeez
  - selimthegrim 3y ago
    As long as they don't name the home Tontine
- dangwhy 3y ago
  Is there a minimum net worth to get accepted?
unclesaamm 3y ago
This massive labor shift toward service work has been well underway across the US. See, eg, this excellent case study of how Pittsburgh's aging, shrinking cohort of unionized steel workers (with good health insurance) has been demographically offset by a growing (precarious, non-unionized) medical and care industry. Now the largest employer in Pittsburgh is the university medical center, and the largest sector is care workers. https://shop.nplusonemag.com/products/the-next-shift-by-gabriel-winant https://shop.nplusonemag.com/products/the-next-shift-by-gabr... This pattern isn't unique to Pittsburgh, of course, and has played out broadly across the US.

n00bskoolbus 3y ago

Lets just hope it's done by the government and not by private corps gouging people who just need care.

throwaway6734 3y ago
The government will be gouging the young to pay for it. From the generation that brought you Ronald Reagan, boomers will have no trouble bankrupting the youth to pay for their entitlements
- loeg 3y ago
  Washington state recently added a new youth to elderly wealth transfer program under this guise (LTC).
- amanaplanacanal 3y ago
  The boomer playbook has always been voting themselves benefits to be paid for by their children and grandchildren. This seems to be universal: liberal, moderate, or conservative. See the national debt. And I say this as a boomer myself.
  - dragonwriter 3y ago
    > The boomer playbook has always been voting themselves benefits to be paid for by their children and grandchildren The Boomers were in their prime working years when the Silents under Reagan did the US’s biggest tax burden shift onto them, and cut their expected benefits along with it. What are you referring to, specifically?
- dragonwriter 3y ago
  > From the generation that brought you Ronald Reagan, The age groups that Reagan won were the ones that are (predominantly composed of, because the categories don't perfectly match generation boubdaries) Silents and older. The Boomer age groups were tied (22-29 went 44 Carter, 44 Reagan, 11 Anderson) or for Carter (18-21 went 45 Carter, 44 Reagan, 11 Anderson.) The generation(s) that brought you Reagan are, for the most part, dead.
s1artibartfast 3y ago
I think that's a pretty unrealistic hope. I don't think the government is going to spin up up millions of workers to be in home caregivers and start building government funded nursing homes. That's not to mention the budget implications is such care. Some states are looking at or implementing new mandatory Insurance programs nursing home care, but these are far too late for Boomers to pay into them in a meaningful way
- wintogreen74 3y ago
  Even government homes (in Canada) are often income/wealth-adjusted.
- loeg 3y ago
  > Some states are looking at or implementing new mandatory Insurance programs nursing home care, but these are far too late for Boomers to pay into them in a meaningful way This has not stopped Washington state, for example, from allowing Boomers to benefit from these programs without paying into them in a meaningful way.
- toast0 3y ago
  If you have medical necessity, Medicaid pays for long term nursing homes once you meet their financial requirements (spend down assets and have low enough income). Some nursing homes specialize in medicaid patients, which isn't much different than a government funded nursing homes IMHO.
  - s1artibartfast 3y ago
    I fully agree that's the case. I was more addressing the idea of the government providing the services directly and cutting the private providers out of the loop

anonporridge 3y ago

Retiree wealth mining is the next great gold rush! One interesting scheme I recently came across is an assisted living home that doesn't take regular payments. Instead, they have their residents sign over their entire net worth at the event of their death, leaving nothing for their inheritors. The tradeoff is that they get to stay for as long as they live. Of course, this scheme has some obvious perverse incentives for the operators of the home.

canadiantim 3y ago
Those are some terrifying perverse incentives, jeez
- selimthegrim 3y ago
  As long as they don't name the home Tontine
dangwhy 3y ago
Is there a minimum net worth to get accepted?

unclesaamm 3y ago

This massive labor shift toward service work has been well underway across the US. See, eg, this excellent case study of how Pittsburgh's aging, shrinking cohort of unionized steel workers (with good health insurance) has been demographically offset by a growing (precarious, non-unionized) medical and care industry. Now the largest employer in Pittsburgh is the university medical center, and the largest sector is care workers. https://shop.nplusonemag.com/products/the-next-shift-by-gabriel-winant https://shop.nplusonemag.com/products/the-next-shift-by-gabr... This pattern isn't unique to Pittsburgh, of course, and has played out broadly across the US.