Retirement Planning for Caregivers

The number of caregivers in the United States is growing daily. And guess what folks? Most of the caregivers are themselves approaching retirement age. Yes, that's right. We are the Baby Boomers the media talk about.

How many caregivers have plans for their "golden years"? Retirement planning is more than travel plans and how much money is in our 401K. While these are important issues, caring for an aging parent should be a clear reminder to get several important documents in order for ourselves. A Power of Attorney, Living Will, Healthcare Power of Attorney and personal Will are what immediately come to mind. If you already have them in place, make certain they have been updated in keeping with important events in our lives. This would be births, deaths, divorces, remarriages, and job changes to name a few. In addition to your attorney, talk with your accountant or financial advisor if you have one. Tax strategies can change as we reach retirement and tax brackets adjust.

Now is the time to take a serious look at long term care insurance to see if it is right for you. As with any insurance, the time to purchase it is when you don't need it. Once you do, it's too late. Also, check with your insurance advisor to update beneficiaries if necessary.

So, fellow caregivers, I hope I've put a bug in your ear to get busy and begin getting your house in order. And to those who are way ahead of the game, Kudos!