Caregiving can be both rewarding and costly.
Are you a Baby Boomer?
Do you have aging parents?
As people age, long-term care becomes a reality.
In fact, most over age 70 will require long-term care at some point.
Many Baby Boomers want to provide this help for their aging loved ones.
According to a recent Think Advisor article titled “Long-Term Caregiving Realities Hit Home for Boomers,” serving as a caregiver may require you to make several sacrifices.
You may need to cut your spending, travel less frequently, move homes, work fewer hours, or even quit your job.
Many who help their parents also need to come to terms with their own future needs.
As a result, they tend to have the conversations about their wishes for care and how to pay for it.
Providing care for a loved ones often involves caregivers dipping into their own retirement savings, let alone helping children who may still be in college.
Consequently, those who provide care have a better grasp on the options available to provide for long-term care, to include the insurance options.
As Baby Boomers age, they should understand and come to grips with the fact that their own children may not be viable option for caregiving.
Older Americans are projected to vastly outnumber younger Americans.
If you have more female family members, your chances of having a loved one help with care may be higher.
Most caregivers are women.
As you help your parents and plan for your own future, you should be mindful of your estate planning.
Making these decisions and having these important conversations sooner rather than later benefits everyone involved.
Reference: Think Advisor (August 8, 2019) “Long-Term Caregiving Realities Hit Home for Boomers”