I’m a Caregiver - Help!
One of the central concerns within The Future Poor is the likelihood and expense around medical care primarily in the form long-term care or other extended care giving required for a parent, spouse or other loved one.
This is costly.
It is costly and not just for the person receiving care. It is costly for all involved. There are the obvious economic expenses like cost of care, room in a skilled facility and the inability to work for someone requiring additional care. It also can have that effect on those providing care, especially if these are family members that have to transition from regular life and work into a primary care giving role.
How does one work and earn a living while also having to care for an adult loved one?
Even with having children it can be a challenge to navigate work with the rhythms of school, drop offs and pick ups and any activities.
A recent study by Edward Jones highlights the impact of this and the findings are alarming.
46% of us will be providing care in the future
89% describe emotional and mental toll along with other stressors
82% say caregiving lacks social awareness
9 out of 10 have financial concerns about their own retirement and other economic concerns
51% report cutting back on their own spending
While some provisions are being worked on and there are ideas to increase contribution limits for retirement accounts for caregivers. This seems like a generous solution but for most - maxing out retirement accounts wasn’t happening before and more contribution isn’t the right solution when reduction in spending is already occuring.
For many, they experience reduction of income due to having to shift to unpaid caregiving or reduction in hours worked. Many have to leave the workforce altogether in order to provide care.
This is where there has to be alternative solutions than “Hey, you can try harder to save more money and we have increased the limit for you.”
This requires more community support, governmental support and corporate support that makes it financially viable for people to assist in the caregiving aspect many of us will encounter.
Take a look at this article as it is an eyeopener.
https://401kspecialistmag.com/caregivers-urge-for-support-in-the-workplace/
As always, if you come across a financially related article you’d like to send my way please do!
Best place to send them is to me.
More next time!
Jonathan