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Caregivers: Begin Financial Planning for Your Own Long Term Care

The results of Genworth Financial’s 2012 State of Planning Survey as reported by reversemortgagedaily.com indicate that many women who have been caregivers for a loved one have not themselves initiated financial planning for their own long term care.

Thirty-eight percent of the adults ages 45-54 surveyed who had not cared for a loved one were concerned about retirement planning, as opposed to twenty-three percent of those who had helped an elderly loved one. And of the Americans who did not have plans for long-term care, a vast majority were women. So, women who had been by the side of a loved one who may or may not have planned well as they aged, were not inspired to make arrangements for themselves.

The idea that women are accustomed to acting as caregivers but not accustomed to caring for themselves is a well-worn theme but we need to continue to revisit this notion since many women are simply not financially prepared for their golden years.

“Because women face unique challenges in long term care planning in the sense that they are impacted twice, as caregivers and then as recipients, Genworth notes that it is important for them to lay the groundwork and initiate conversations with loved ones in order to be more physically and mentally prepared for the future.”

Before initiating such a conversation, you need to be informed about your current financial situation; just knowing you have some retirement funds isn’t enough. It also helps to have considered your financial goals and options before approaching loved ones to discuss what will happen as you age. Fee-Only financial advisor Claire Emory can help. Claire takes an all-inclusive approach to your situation and goals, understanding your need for financial security and independence as well as the happiness that comes from knowing that you and your family have options for the future.