Your Aging Parents and You - Prepare to Care for the Future
Saving for college. Paying a mortgage. Investing in a retirement account. Most Americans understand why it’s important to plan for the future. But when it comes to caring for an aging loved one, most families don’t have a plan until there is a problem.
Lack of planning doesn’t mean there is a lack of commitment. On the contrary, often families avoid discussions about the future simply because they don’t want to think about changes in the lives of the people they love the most.
While you might not be thinking about it now, putting together a caregiving plan with your loved ones and other family members helps eliminate problems at home and work. In addition to minimizing the last minute scrambling and family tensions that commonly arise when a once-independent loved one needs more consistent care, a caregiving plan can also help reduce a family’s financial strain.
The truth is that family caregiving responsibilities take a toll on family finances. A study found that caregiver respondents reported an average loss of $566,443 in wage wealth—all because of the unanticipated consequences of their caregiving responsibilities.
It’s not just the caregivers who are affected. Without a caregiving plan, those family members most affected by the crisis—the care recipients themselves—end up with the least say in their wishes and priorities for the future. It’s hard to imagine not having control over your own future, but too often that is what happens when families don’t ask the important questions ahead of time.
Superior Options for Seniors is a single resource using a comprehensive approach to financial, housing, health, transition, estate & elder planning and management services. We provide an integrated and professional approach to delivering superior guidance to individuals and families of the aging population in northern Virginia.