Most people who have retired or are about to enter retirement aren’t worried about long-term care for themselves – they’re struggling to ensure long-term care for aging parents who are too old to be covered by a long-term care policy, according to Bankrate
The MetLife Mature Market Institute reported nearly 10 million adult children are caring for aging parents, according to NPR, which indicated other adult children are helping pay assisted-living care costs for a parent.
“With Americans living so much longer now, the younger generation has to do more thinking about how they might care for parents who have exhausted their savings,” NPR reported
Free Retirement Calculator: When Can You Retire? — Click Here to Find Out
The toll on those family members can be costly, both financially and emotionally. Caring.com, a website that offers advice to caregivers
, surveyed 973 adult caregivers of family members with Alzheimer’s disease and found more than 33 percent spent more than $30,000 in the previous 12 months on the person’s care, while almost half spent more than $20,000.
Caring.com added: “There's also an indirect financial impact as families' work lives are affected. More than one-third of survey respondents (36 percent) say their careers have been negatively impacted by Alzheimer's caregiving. More than one in five quit their jobs to provide care.”
Anyone forming a plan to care for aging parents should start by crafting a legal document designating someone as having power of attorney, which authorizes that person to make decisions an aging loved one may not be able to handle because of memory loss or illness, NPR reported.
Families coping with caregiving challenges may then access various sources for advice on how to increase savings, acquire the proper insurance and maximize home equity. Those sources include employers, many of whom offer free financial planning services; credit unions; public libraries, which offer books on how to craft financial plans; and websites.
An Extremely Simple Way to Determine If You're Ready to Retire — Find Out Now
© 2021 Newsmax. All rights reserved.