Life expectancy for Americans continues to increase, so it is more and more likely that most adults will end up caring for an elderly parent or relative. “Care does not have to mean that the person lives in your home,” explains Mary M. Weinand, ISU Extension Family Finance Field Specialist. “It may mean that you provide transportation or other services to a person who still lives in their own home.” For most working Americans, this still requires flexible work schedules or using personal leave days, sometimes without pay.
The Finances of Caregiving provides materials to assist caregivers in protecting their assets and prepare for their retirement while providing care. This five-week program, beginning May 24, 2018, will meet Thursdays at the Burlington Public Library from 9:30 to 11:00 am. The program is FREE to participants through the generous support of Two Rivers Bank & Trust.
When making the decision whether or not to leave work or reduce your hours of work to become a caregiver for an aging parent or other relative in need of constant care, you have several areas to consider. How will it affect your current spending plan? How will it affect your retirement? “Losing a couple years of contributions when you’re near retirement may not make a big difference in your account balance,” says Weinand. “But, the longer you have until you plan to retire, the greater the impact on your retirement savings,” she adds.