Even if you don’t require extended/assisted care, there’s a good chance you’ll become a caregiver. Either way, preparing for both is wise.
According to AARP, in the U.S., family caregivers, on average, spend a quarter of their income taking care of loved ones.
What can you do about it?
Start by planning early…both emotionally and financially.
✅ Have open conversations with your family about preferences and expectations. (This applies in relation to yourself needing care and/or if you are caring for someone else.)
✅ Understand the costs involved, and how they might impact your own retirement.
✅ Look into extended care insurance, savings strategies, and community resources.
✅ Don’t underestimate the emotional toll. Build a support network now, not later. Let me know if I can direct you to experts.
Planning for over age 65 care isn’t just about protecting your assets (although, really important), it’s about protecting your relationships, your mental/emotional health, and knowing your options.
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I'm Steve—I help individuals and business owners like you make smart choices with your resources and find financial clarity at every stage of life. Why? Because financial clarity creates better parents, business owners, leaders, neighbors, and community members. Follow for practical tips, valuable connections, and generosity-driven inspiration.
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Source: https://www.cbsnews.com/news/aging-americans-long-term-care-families-labor-costs/ CBS March 17, 2025 article Most Aging Americans Will Need Long-term care In Their Lifetime. Loved Ones Often Take On The Labor and Costs.
