Preserve Your Own Retirement Nest Egg While Providing Care for a Loved One
Saving for Retirement and Caring for Others
Care and Costs are two sides of a coin when it comes to taking care of your loved one. Increasing expenses may cause pressure even to the ones with a strong financial background. You may need help from a few expertly approaches to restructure and balance the scenario, in order to avoid depleting your own retirement fund.
Review your loved one’s finances, like saving accounts, retirement fund or any other accounts that your loved one has, which in turn can be utilized to cover costs. Examine their insurance policies to summarize what kind of coverage they have and other details to be prepared for uncertainties.
Considering too many things at the same time may just increase your stress level, therefore know what is needed and essential. You may not need assistance for everything, so prioritize and plan expenses accordingly.
Share caregiving responsibilities with family members. When they are willingly involved, they need to be committed and understand the routine.
With the help of a local senior centre or agency, seek any government programs available for assistance. In addition, there are a lot of communities available for seniors free of charge or at a discounted pricing.
Making your loved one’s home more comfortable, with renovation especially in bathrooms or on floor carpets etc., to avoid accidents. Make the first floor as the main living space to reduce the usage of stairs.
As an alternative to family day-care, also plan on having a professional help who periodically attends and provides medical care assistance.
For more information and detailed analysis, please visit 6 Factors to Consider Before Using Your Retirement Savings for Caregiving.