2021-05-01 10:34:20 –
You may have reached the age at which your parents will depend on you to provide some care. For many of you, this is exacerbated by the need to feed your own children as well.
There is also the name “sandwich generation”. But in reality, it’s like a “separated” generation. Whether it’s supporting children in college or providing long-term care to parents, you may appear to be torn in different directions.
Here are some tips for caring for your parents while maintaining your financial goals … and your sanity.
Put yourself first
This may seem selfish. After all, your parents have been sacrificed for you, and this is your opportunity to give back. But if you are spent mentally or financially, you will not be able to provide the best possible care.
Try to set boundaries in terms of time and financial commitment. Please ask yourself. How much time can you spend on care? Can you afford to leave the workforce or save time? Set boundaries and communicate them to your parents and your partner.
In the meantime, make sure you’re moving towards your retirement goals. Again, this may seem selfish, but continuing to save for your retirement reduces the potential for you to burden your own children.
Many employers serve employees who are also long-term caregivers. These programs may be buried deep in the benefits materials, so feel free to contact the Human Resources Department to ask questions.
Take advantage of government resources as well.Please refer to Long-term care locator Through the US Aging Countermeasures Bureau. Study federal resources for caregivers. There are tools for managing money, and even programs that allow relatives to hire you as a caregiver.
Intentionally about the plan
Make sure the documents are in place. The beneficiaries of your parents should be set and willing before they begin to experience decline. If you become the primary caregiver among your siblings, make sure you have an adult guardianship system and understand the advanced medical instructions your parents may have. Please give me.
If your parents are young enough, consider purchasing long-term care insurance. This will help reduce your burden as a caregiver and ensure that your parents can afford the care they deserve. In the meantime, if you are over 50 years old, consider taking out long-term care insurance yourself.
Check for assets that your parents may own, such as a 401 (k), life insurance, IRA, annuity, or bank account cash. Schedule time to meet with your adviser and make a game plan to make sure you are not the person who is billing for the care of your parents.
Above all, be sure to balance. Taking care of your parents is important, and so is you. By preparing and setting limits, you can be a better caregiver for them and yourself.
The opinions expressed in this material are for general information purposes only and are not intended to provide any specific advice or recommendations to individuals.
Bruce Helmer and Pegweb Wealth Enhancement Group Co-sponsor of “Your Money” at KLKS 100.1FM on Sunday morning.Email Bruce and Peg email@example.com.. Securities offered through LPL Financial, Member FINRA / SIPC. Wealth Enhancement Advisory Services, a registered investment adviser Advisory services provided through LLC. Wealth Enhancement Group and Wealth Enhancement Advisory Services are separate organizations from LPL Financial.
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