Ashley Temer is a Financial Representative with Northwestern Mutual who helps professionals, families, and business owners plan for financial security. She’s here for your “Money Minute.”
Do you feel prepared to become a caregiver? As your loved one’s age, you may have to take on the responsibility of becoming a caregiver. Given the option, many would prefer that, as a family member, they’re there for support, not as a primary caregiver. By encouraging your loved ones to start planning for the cost of aging, you are not only helping them protect their own financial security but yours as well.
How will providing care impact your own financial planning? Typically, you earn an income, pay essential bills, and set aside funds for your own retirement savings. Conversely, when you become the caregiver for a loved one who has limited or no long-term care funding, you take on extra expenses such as prescription drugs, doctor visits, personal care supplies, and nutrition costs. These costs cut into your savings and can delay retirement. With the correct planning, costs can be taken care of and will not put a pause on your future.