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Caring for Loved Ones
Financial considerations are an important part of caregiving. Sometimes, the caregiver must take time away from a paying job to care for a loved one. Here are some suggestions from the Women’s Institute for a Secure Retirement (WISER):
- Create a household budget. Determine the priorities and how to pay for them.
- Plan carefully before leaving a job. Exhaust all other options. Leaving your job means losing a paycheck and possibly health benefits.
- Don’t dip into your 401(k) or other retirement savings. This will reduce your nest egg and could set your retirement plans back by many years.
- Look into purchasing long-term health insurance. This way, you can access a wide range of supportive services and living arrangements for your own retirement.