Reprioritizing to Stay Healthy and Wealthy as you Get Older

What would happen if you are doing everything right regarding your own finances — and then have your plans derailed by the needs of a family member, such as a parent or sibling, who didn’t plan ahead?

A recent study by the Transamerica Institute found that caregiving is risky business for those who step in to help an aging parent or relative. Here are some telling statistics from the study about the potential strains on caregivers:

  • Fifty-two percent are working full or part time. Of these working caregivers, more than three-fourths report making some type of an adjustment to their employment — using sick time or vacation days, working fewer hours or quitting their jobs or retiring.
  • More than one-fourth of working caregivers’ employers have reacted negatively to the workers’ caregiving responsibilities.
  • Caregivers spend a median of $150 per month to cover expenses for the recipient. Almost half of all caregivers (43 percent) say they’re “just getting by” with their finances.
  • More than half (56 percent) say their own health is taking a back seat to the health of their recipient.

Caregivers also report being unprepared for their roles. Almost half (49 percent) of caregivers perform medical- or nursing-related tasks, but only about half of these caregivers learned how to carry out these tasks from hospital or doctor staff.

Read more here.

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About Evan H Farr, CELA, CAP

Evan H. Farr is a 4-time Best-Selling author in the field of Elder Law and Estate Planning. In addition to being one of approximately 500 Certified Elder Law Attorneys in the Country, Evan is one of approximately 100 members of the Council of Advanced Practitioners of the National Academy of Elder Law Attorneys and is a Charter Member of the Academy of Special Needs Planners.