Aging Care LLC

Considerations before changing your life to become a caregiver:

• Evidence shows caregivers experience considerable health issues as a result of their focus on caring for others
• Think twice about leaving your job to provide care as it will impact your lifetime wealth and future employment prospects.
• Check with your employer to determine what benefits are offered, and how you would replace them, should you curtail your employment.
• Take stock of what you have and your expenses for caregiving.
• Look into public benefits.
• Become knowledgeable about the government programs: Medicare and Medicaid.
• Calculate what it would cost to keep your loved one at home.
• Consider enlisting the services of a Geriatric Care Manager.
• Be aware of possible elder financial abuse and take precautions.
• Discuss your loved one’s legal, financial, and medical  wishes.
• Create a budget for yourself, for your future retirement expenses
• A good starting point: Consider what portion of your income you’ll need to maintain your current lifestyle after retirement — experts typically place it at about 80% of current income as a starting point. Factor in unexpected costs such as health care and inflation.