bill, I usually recommend that people keep working unless they are wealthy enough to stop. There are other options for elder care. The problem with not working is that you lose your income and retirement benefits. Most people cannot afford to do this and it sets them up for economic hardship in the future. The best thing to do is sit down and figure out if there is some way you can afford to quit and if you'll be able to reenter the job market when caregiving is over. If you foresee economic hardship, it is best to keep working and look at alternatives to care for your parents. This depends on how much they can afford and if they could qualify for Medicaid or veteran's benefits. Tell us a bit more and someone may have some good suggestions about what you can do.
"If your elderly parent is eligible for Medicaid, Medicaid's Cash and Counseling program may enable direct payments to be made to you, the caregiver; however, the program is currently only available in a limited number of states (at the time of print, these states included Alabama, Illinois, Iowa, Kentucky, Michigan, Minnesota, New Mexico, Pennsylvania, Rhode Island, Vermont, Washington and West Virginia). To find out if your state has a Cash and Counseling program, contact your local Medicaid office."
billdeeblejr, if by chance you can get some type of pay for caring for your parents, it won't be a good hourly wage as Caregivers can eventually work 24 hours a day, 7 days a week. You won't get vacation day pay... you won't get sick day pay.... you won't add to your pension or 401(k). Those items are very important for YOUR own future.
Your profile says you would be caring for your parents in their own home, and your mother's issue is with mobility.... would you be able to manage, maintain, clean, etc. their home plus your own? Or do you plan to move in with them or they with you?
I am so glad I didn't stop my career.... I need my work to help keep my sanity and to be around other people. If your parents have good health, they could live for many years. My cousin took early retirement when his Mom was 80, well she lived to be 100, and she refused to move from her home into independent living, later on refused assistant living, and later on refused a nursing home.
Keep your job, the prior posters make good points. Even if you found a "program" it would be short lived until the elder passes or requires care beyond your ability, and any income program always results in a very modest income. There are financial and emotional reasons to keep your life going and keep your job, even if it not one you are crazy about.
"If your elderly parent is eligible for Medicaid, Medicaid's Cash and Counseling program may enable direct payments to be made to you, the caregiver; however, the program is currently only available in a limited number of states (at the time of print, these states included Alabama, Illinois, Iowa, Kentucky, Michigan, Minnesota, New Mexico, Pennsylvania, Rhode Island, Vermont, Washington and West Virginia). To find out if your state has a Cash and Counseling program, contact your local Medicaid office."
Your profile says you would be caring for your parents in their own home, and your mother's issue is with mobility.... would you be able to manage, maintain, clean, etc. their home plus your own? Or do you plan to move in with them or they with you?
I am so glad I didn't stop my career.... I need my work to help keep my sanity and to be around other people. If your parents have good health, they could live for many years. My cousin took early retirement when his Mom was 80, well she lived to be 100, and she refused to move from her home into independent living, later on refused assistant living, and later on refused a nursing home.
There are financial and emotional reasons to keep your life going and keep your job, even if it not one you are crazy about.