3 reasons to start saving for senior care

You might not be thinking about saving for senior care just yet, we get it, you’re more concerned with saving for next year’s vacation. The trouble is if you’re not saving for your future, who is?

You might not be thinking about saving for senior care just yet, we get it, you’re more concerned with saving for next year’s vacation. The trouble is if you’re not saving for your future, who is? According to an Employee Bene t Research Institute (EBRI) survey in 2012, 60 percent of workers 55 and older have less than $100,000 saved for senior living options and 59 percent of workers age 35-44 have never even bothered to calculate what they need to save for retirement.

Here are three reasons you need to start saving for senior care now:

1. Keep your independence for financial support. If you start thinking about saving now, you won’t have to deal with one of the more common problems many seniors face today—outliving their assets and income. Unfortunately, this problem often results in putting a straining financial burden on children and families. An easy way to ensure that doesn’t happen is to start saving for retirement and senior care now, it’s never too early.

2. Don’t end up with less money than you need. The core logic is simple: if you save $1,000 every year for 40 years, you will end up with more than if you only saved for 20 years. Don’t rely on simply saving more in your later years. Also, keep in mind how much longer we are living today. Today in the U.S., females can expect to live to about 84 and males 81. Living longer directly correlates to needing to save more for retirement.

3. Keep the comfortable lifestyle you worked so hard to attain. Without enough money, when the time comes to decide on a plan for senior living you may struggle with:

  •  Fewer options for assisted or independent living
  • Less freedom to spend at pleasure/ leisure
  • Not being able to retire when you want to

Saving money early and planning for senior care financing means you can maintain the independence to decide how you want to live, without financial barriers limiting your options. Looking at the “big picture” early on will allow the future you deserve for both yourself and your children.

Don’t delay. Contact a financial planner and start a savings plan today. This information isn’t intended to be financial advice. Please consult a financial advisor.

Article Provided by:
Enlivant
www.enlivant.com
312-725-7000


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The Hidden Costs of Caregiving

Many caregivers don’t stop to consider the personal, financial and emotional costs of caregiving for a loved one.

If you are taking responsibility for helping an aging relative get through the day, you may be shouldering a larger burden than you realize. Many caregivers don’t stop to consider the personal, financial and emotional costs of caring for a loved one. New research is bringing those  caregiving costs to light.

According to the U.S. Department of Health and Human Services, 44 million Americans provide unpaid care for a parent or other adult, and these caregivers report higher levels of stress, depression, heart disease and diabetes than the population at large. They are also at higher risk for catching the flu or a cold.

Caregiving also exacts a toll on the workplace. Fifty-seven percent of caretakers work outside the home, and studies show a majority of those workers take at least some time off, with many reducing hours at work or having to quit altogether in order to provide care for a loved one. One study estimated that working caregivers lose a lifetime average of $303,880 in lost wages, benefits and retirement contributions.

Other studies show that what matters most to caregivers is lost time. Time spent providing care is often time that can’t be spent with your spouse or children, with friends, volunteering, attending church
or relaxing.

If the hidden costs of caregiving are taking a toll on you and your family then you may reach a point when you should seek additional caregiver assistance. Remember, there are many options available ranging from in-home care to retirement and independent living, to assisted living, to skilled nursing homes.

The earlier you begin to explore your options, the easier it is to understand your choices and make the best-informed decisions. As you explore housing options, think about your loved one’s current and future needs. Is your parent healthy, or managing a chronic condition that could require special care?

Article Provided by:
Enlivant
www.Enlivant.com


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