Get the Caregivers' Survival Guide FREE
when you sign-up for the newsletter.
 

Financial Planning: Strategies for Caregivers and Their Parents

Gail was surprised, but also relieved, when her father, then age 64, told her that as part of his legal and financial planning, he had put in place a durable power of attorney and advance care directives. Now at 78, her father suffers from the early stages of Alzheimer's disease. Having the foresight to make arrangements years ago is saving the family both emotional and financial distress.

It's a scenario that Certified Financial Planner Larry Botzman, CRPC and board member of the Financial Planners of America, sees often. Sadly, many families are not as prepared as Gail's.

"What's at risk is the adult children's inheritance," Botzman says. "If the parents' life savings goes toward paying for a nursing home, there is nothing left to leave the children – which can be heartbreaking for the parents."

The lesson here for caregivers is to start planning now for your own future care. Research by the University of Kentucky's College of Human Environmental Services found that only 40 percent of people thought a lot about retirement. A full 77 percent said they felt they were saving too little and poorly prepared for their own retirement.

The study also suggests the caregiving experience brings heightened awareness about the need of one's own retirement and is a time in which many caregivers need exposure to and guidance toward retirement planning activities and information.

Print Email
 
20 people are discussing this article with 24 comments
Share
 
 






Free Helpful Guides

Home Care Guide
How to find, hire and manage home care.
Get the home care guide ›
Alzheimer’s Care Guide
Learn from elder care experts, caregivers and patients.
Get your care guide ›
Caregivers' Survival Guide:
Everything you need to care
for an elderly family member.
Get the caregivers' guide ›

Ashburn, VA

Care Providers
Palliative Medical Associates
Learn about our end-of-life care
Stonewall Memory Gardens
Contact us about cemetery arrangements
 
 
FIND HOUSING AND CARE




 
DOWNLOAD FREE RESOURCES
Everything you need to care for
an elderly family member.
Download your eBook ›
How to find, hire and
manage home care.
Get the home care guide ›
GET ANSWERS
140 characters left

©2014 AgingCare, LLC All rights reserved.  About Us  |  Advertise with Us  |  Sitemap

 

The material of this web site is provided for informational purposes only. AgingCare.com does not provide medical advice, diagnosis or treatment;
or legal, financial or any other professional services advice. Use of this site is subject to our Terms of Use and Privacy Policy.