Go to main contentsGo to search barGo to main menu
Wednesday, May 21, 2025 at 10:09 PM
Ad
Ad

Caregivers Must Also Care (Financially) for Themselves

  • Source: Edward D. Jones
Caregivers Must Also Care (Financially) for Themselves
Doug Drost

If you’re a caregiver, possibly for a loved one dealing with an illness such as Alzheimer’s disease, you’re probably already facing some significant emotional and physical challenges – so you don’t need any financial ones as well. Yet, they are difficult to avoid. What steps can you take to deal with them?

First of all, you may be interested in knowing the scale of the problem. Consider these numbers from the Alzheimer’s Association: About 5.8 million Americans ages 65 and older are living with Alzheimer’s disease, and in 2019, caregivers of individuals with Alzheimer’s or other dementias contributed more than 18 billion hours of unpaid care – worth about $244 billion in services. Furthermore, about two-thirds of caregivers are women, and one-third of dementia caregivers are daughters.

But whatever your gender or relationship to the individuals for whom you’re providing care, you can take some steps to protect your own financial future. Here are a few suggestions:

  • Evaluate your employment options. If you have to take time away from work – or even leave employment altogether – to be a caregiver, you will lose not only income but also the opportunity to contribute to an IRA and a 401(k) or other employer-sponsored retirement plan. But you may have some options, such as working remotely, or at least working part time. Either arrangement can give you flexibility in juggling your employment with your caregiving responsibilities.
  • Explore payment possibilities for caregiving. Depending on your circumstances, and those of the loved ones for whom you’re providing care, you might be able to work out an arrangement in which you can get paid something for your services. And as long as you are earning income, you can contribute to an IRA to keep building resources for your own retirement.
  • Protect your financial interests – and those of your loved ones. You may well want to discuss legal matters with the individual for whom you are a caregiver before Alzheimer’s robs them of the ability to think clearly. It may be beneficial to work with a legal professional to establish a financial power of attorney – a document that names someone to make financial decisions and pay bills when the person with Alzheimer’s no longer can. And whether you or someone else has financial power of attorney, the very existence of this document may help you avoid getting your personal finances entangled with those of the individual for whom you’re caring.
  • Keep making the right financial moves. As long as you’re successful at keeping your own finances separate from those of your loved one, you may be able to continue making the financial moves that can help you make progress toward your own goals. For example, avoid taking on more debts than you can handle. Also, try to maintain an emergency fund containing three to six months’ worth of living expenses, with the money kept in a liquid account. Of course, these tasks will be much easier if you can maintain some type of employment or get paid for your caregiving services.

There’s nothing easy about being a caregiver. But by making the right moves, you may be able, at the least, to reduce your potential financial burden and brighten your outlook.

This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC

 

Sign up to receive updates and the Friday File email notices.

Support local, independent news – contribute to The Fallon Post, your non-profit (501c3) online news source for all things Fallon.

The Fallon Post -- 1951 W. Williams #385, Fallon, Nevada 89406


Share
Rate

Comment

Comments

May 16, 2025 - Behind the Buzz - page 1
May 16, 2025 - Behind the Buzz - page 2
May 16, 2025 - Behind the Buzz - page 3
May 16, 2025 - Behind the Buzz - page 4
May 16, 2025 - Behind the Buzz - page 5
May 16, 2025 - Behind the Buzz - page 6
May 16, 2025 - Behind the Buzz - page 7
May 16, 2025 - Behind the Buzz - page 8
May 16, 2025 - Behind the Buzz - page 9
May 16, 2025 - Behind the Buzz - page 10
May 16, 2025 - Behind the Buzz - page 11
May 16, 2025 - Behind the Buzz - page 12
May 16, 2025 - Behind the Buzz - page 13
May 16, 2025 - Behind the Buzz - page 14
May 16, 2025 - Behind the Buzz - page 15
May 16, 2025 - Behind the Buzz - page 16
May 16, 2025 - Behind the Buzz - page 17
May 16, 2025 - Behind the Buzz - page 18
May 16, 2025 - Behind the Buzz - page 19
May 16, 2025 - Behind the Buzz - page 20
May 16, 2025 - Behind the Buzz - page 1Page no. 1
May 16, 2025 - Behind the Buzz - page 2Page no. 2
May 16, 2025 - Behind the Buzz - page 3Page no. 3
May 16, 2025 - Behind the Buzz - page 4Page no. 4
May 16, 2025 - Behind the Buzz - page 5Page no. 5
May 16, 2025 - Behind the Buzz - page 6Page no. 6
May 16, 2025 - Behind the Buzz - page 7Page no. 7
May 16, 2025 - Behind the Buzz - page 8Page no. 8
May 16, 2025 - Behind the Buzz - page 9Page no. 9
May 16, 2025 - Behind the Buzz - page 10Page no. 10
May 16, 2025 - Behind the Buzz - page 11Page no. 11
May 16, 2025 - Behind the Buzz - page 12Page no. 12
May 16, 2025 - Behind the Buzz - page 13Page no. 13
May 16, 2025 - Behind the Buzz - page 14Page no. 14
May 16, 2025 - Behind the Buzz - page 15Page no. 15
May 16, 2025 - Behind the Buzz - page 16Page no. 16
May 16, 2025 - Behind the Buzz - page 17Page no. 17
May 16, 2025 - Behind the Buzz - page 18Page no. 18
May 16, 2025 - Behind the Buzz - page 19Page no. 19
May 16, 2025 - Behind the Buzz - page 20Page no. 20
SUPPORT OUR WORK