2nd Quarter 2018

Retiree Corner: Resources for Caregivers

More than 41 million people in the U.S. provide unpaid eldercare, according to the Bureau of Labor Statistics, and nearly half of those caregivers are between ages 45 to 64. If you haven’t had to help care for an aging parent or other relative, you may need to in the future. The following steps can help you prepare:

Talk with your aging relatives about how they would like to receive care, whether it’s in their own home or in a retirement community that provides care when needed. Research the types of care in their area and costs.

Consider the personal costs when deciding whether to provide care yourself or hire a caregiver. If you cut back or stop working, not only will you lose your income but you may also lose benefits, such as health insurance and retirement-savings contributions.

Get help. A geriatric care manager can create a care plan and help you find caregivers. Go to www.benefitscheckup.org to find out about special programs to help with expenses.

Plan ahead for your own care needs.
Include the potential cost of care in your retirement-planning calculations. Consider buying long-term care insurance (see www.icmarc.org/ltc). Talk with your children or relatives about your own wishes.

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