A Family Together Home LLC's mission is simply to improve the lives of our clients through affordable, all-inclusive housing environments which are centered around respect, empathy, self-learning and pride of ownership. We provide a wide variety of special needs housing options, but main focus is on elderly citizens who earn too much income to receive assistance yet not enough to afford the help they need. Over 15 million older adults 65+ in age are economically insecure with incomes below 200% of the federal poverty level
. According to the Elder Index and the Institute on Assets and Social Policy's Senior Financial Stability index, millions of older adults struggle
to meet their monthly expenses, even though they're not considered "poor" because they live above the FPL. As a Registered Nurse working in Home Health I see this everyday. Senior citizens are often faced with unpleasant choices such as pay the electric bill or buy heart medications; pay the rent or buy food. While many are able to get assistance because of their income level, there are just as many who aren't. I have taken care of many seniors whose income was just 10, 12, 50 dollars more than the income cut off limit. There should be more available.
Sixty-one percent of senior households (USA) have debt (median debt was $31,050 in 2016) while 50% seniors aged 55+ have no retirement savings. 9.7 million seniors owe money on mortgages of which 30% have payments that exceed one quarter of their income. The average monthly rent for a senior living apartment or condo in Virginia is $2,180 per month. The figure is higher than the national average yet the mid-Atlantic state is still not nearly as bad as the other New England states that average $2,500 or more per month for a senior apartment rental. The median monthly gross residential rent (any age group) in Virginia was $1,254 in 2019
according to the Census ACS
survey. The median monthly cost of homeownership in the US is $1,556 per month, according to the most recent data from the Census Bureau's 2018 American Community Survey
. That cost includes not only the monthly mortgage payment, but also other necessary costs like insurance, HOA fees, and property taxes. In 2019, the median income of the four-fifths of people age 65 and older who are fully retired was $22,005 per year. The amounts were similar among all older age groups. The average American retiree (or those 65 and older) is spending about $3,700 per month -- or about $44,600 per year for housing, transportation, healthcare premiums, food, entertainment, personal insurance, contributions to charity, and other (such as clothing etc). These numbers do not include electric, water & sewer, cable or phone bills. So given these numbers, how do our elderly survive?
The physical and financial challenges that come with aging doesn't just affect the individuals of the aged. They affect everyone those individuals know and love. The effects ripple far beyond the individual and can have emotional, financial and physical toll on the family, if any, and the community at large. The world's population is aging at a faster rate than ever. Every day 10000 baby boomers will turn 65 until 2030. & out of 10 of them will require some form of long term care at some point. So in addition to their financials alone, our elderly face increasing reasons for care. Most elderly will need long term care at some point in their life. Who do they turn to for help? Their family. In most cases caregiving is done out of necessity, not out of choice, because older family members have no other means to care for themselves. 70% of care recipients only have family to rely on. 41% of caregivers experience feeling like depression and resentment; 53% of caregivers reported feeling a high level of stress; 52% of caregivers do not feel qualified to provide physical care; 70% caregivers report purchasing items for their loved one's daily living; 61% families are helping to cover the cost for situations where professional care is received at home; 53% caregivers report making household modifications for their loved one; 60% caregivers report having to cut back on luxury expenditures; 48% caregivers report a reduction in their quality of living in order to pay for care; 35% report having to sell personal possessions to pay for care recipient's needs. Caregivers' report out of pocket expenses have increased almost 29% since 2013. 70% caregivers miss time from work; 46% had to work fewer hours while 9% lost their job due to providing care. 62% caregivers believe they lost income as a result of caregiving. 50% felt their career was negatively impacted; 21% report missing 10 or more hours of work per week; 30% feel they have missed career opportunities. There has got to be a better way.
A Family Together Home can help. By providing housing for small groups of elderly, positioned together to help support each other as well as a homebased caregiver to each home, AFTH can facilitate a wide variety of services provided by outsourced 3rd parties. These include: