Planning for Your Own Future as a Caregiver

Blog Category: Health

It’s so important to plan for your own future in case of any unforeseen circumstances while caring for your loved one. Professional and family caregivers are more likely to understand the necessity of long-term services and support but may be too preoccupied with caregiver stress to be able to think of their own needs. Time stops for no one, so follow these tips to plan for your own future while caring for your loved one.

Assemble a Well-rounded Support Team

In addition to gathering friends and family you rely on caregiving, you’ll want to create a team of experts to help you navigate all the emotional, financial, and legal aspects of retirement and senior care, such as:

  • Accountant
  • Care Manager
  • Eldercare Attorney
  • Eldercare Consultant
  • Financial Advisor
  • Power of Attorney

These experts can coach you to lead productive family discussions. Don’t forget to lean on other outside supports like community groups, government programs, nonprofits, and religious organizations.

Establish Your Finances

Of course, you want to make sure your finances are in good shape for the future when you retire, but you also need to feel financially secure in the present, especially while caring for your loved one. Here are some financial areas to check up on:

  • Have an easily accessible savings or emergency cushion that covers six months of living costs.
  • Max out your contributions to a tax-advantaged retirement account like a 401k with the match your employer offers. On that same note, be sure to take advantage of all your workplace benefits if you continue working in some capacity while caregiving, such as paid leave and flexible scheduling.
  • Separate the finances from the person you care for and establish monthly budgets for each of you.
  • Consider creating a separate account to deposit your loved one’s Social Security benefits and having a separate credit card and checking account for caregiver-related costs, such as transportation, food, and medical appointments.
  • Put all financial agreements in writing, including a caregiver contract so everyone in the family is on board with the plan and knows how finances will operate going forward.

Plan Your Own Future Care

Use this experience of caring for your loved one to think about the type of care you want to receive as you get older. Look at what’s important to you and consider the following when planning your own future care:

After Caregiving

It’s important to live your life while caring for your loved one. It’s also healthy and necessary to plan for your life when your caregiving comes to an end:

  • Set your financial, career, and personal goals and outline a plan to achieve these.
  • Decide if you plan to return to work and in what capacity or if you would prefer to retire.
  • Identify what will give you purpose after caregiving and accept the grieving process.

Learn more about your options for memory care with individualized resources based on your needs through our 5-minute survey powered by Roobrik here.

At Life Enriching Communities (LEC), we’re committed to ensuring patrons feel well-equipped to plan their future and age how they wish. Explore more resources on senior living or contact us today to learn more about our legacy of services and programs that bring meaning and purpose to every stage of life.