According to a 2020 study, 41.8 million Americans provided unpaid care to an adult over the age of 50. That’s nearly 17% of the U.S. adult population*. And according to the Women’s Institute for a Secure Retirement and the National Center for Women’s Retirement Research, the average woman spends 15% of her working years outside of the workforce caring for children and elderly parents compared to the average man’s 1.6%. So especially for women - caregiving, and its’ financial and emotional demands can deplete not only a woman’s confidence and peace of mind, but money that could be working hard — compounding — until the time she retires.

If you’re looking at how to afford care and living expenses for a parent or a special needs child, I encourage you to explore all of your options before tapping into your retirement savings. I can work with you to set up an achievable plan and help you explore the resources that may be available to your parents and your children.

If you are one of the almost 90% of seniors who say they prefer to age at home**, you’ll need a strategy to make this happen.  In many cases, circumstances suddenly change, and it requires families to scramble to find care and housing solutions.

Your current situation might seem daunting, and you may be living this daily, but it’s time recognize all that you are managing. Are you putting other priorities such as kids’ expenses, home demands, aging parents – even work deadlines – ahead of what you need?  No matter where you are today, there are steps you can take to bring a sense of control into your life as you move closer to defining your tomorrow and realizing your own life goals and objectives.

 

Let’s have a conversation.  Email me.

Wells Fargo Advisors does not provide tax or legal advice.

* “A Place for Mom.”  Written by Claire Samuels. June 15, 2023. www.aplaceformom.com

** University of Michigan. Adults ranging from 50 to 80 years of age. Posted by Tony Mariotti. October 3, 2023 www.rubyhome.com