Caring is Preparing

At some point in your life, you’ve thought about it: “Who will be there to take care of me in my old age?”

Your parents likely have, too.

Well, there’s a good chance it might be you.

While our standards of living, and better healthcare have allowed us to live much longer lives (some folks live to 100!), there is an added cost in accounting for all those extra years.

If you fall into the role of caregiver for an elderly parent or relative, you may be responsible for not only hands-on care, but also financial support. What can you do to prepare yourself to tackle the financial challenges that come with caregiving?

Assess Your Current Financial Situation: Understand your current income, expenses, savings, and any potential financial resources available to you, and develop a budget that includes your caregiving responsibilities. Account for additional expenses such as medical costs, home modifications, and transportation.

Explore Care Options: Research different care options and their associated costs. This could include in-home care, adult day care, assisted living facilities, or nursing homes.

Seek Financial Advice: Consider consulting with a financial advisor who can help you develop a plan to manage the financial aspects of caregiving. While caring for your loved one, don’t forget to plan for your own financial future, including retirement savings and other long-term financial goals.

Preparing to care for an elderly loved one ahead of time can take a lot of financial planning, and you might have many questions along the way. For answers that will work for you and your family, book a 15-minute consultation and chat about your plan (where you are now, and where you want to be in the future), it’s easy – just click the buttons below.