“Twenty years from now you will be more disappointed by the things you didn't do than by the ones you did do” wrote H. Jackson Brown, Jr. who credited the statement to his mother, Sarah Frances Brown. When it comes to planning for extended or long term care, those words certainly ring true. A lack of planning has immediate consequences and possibly consequences that will reach 20 years into the future. Nowadays, planning options are expanding and there is a growing marketplace that offers many choices and planning tools. Get educated and get planning!
"The fact is, more than half of employed caregivers (56 percent)
experience at least one work-related strain. It might mean working
different hours, fewer or more hours, and taking time off, whether
paid or unpaid. And then there is the effect on your own family if you
need to cut back on other spending, which can undermine the family’s
future financial security. One in six caregivers in the survey reduced
contributions to their retirement savings and roughly half have cut
back on leisure spending.”44
Jodi states her case. “Sixty-two percent of caregivers who
participated in the AgingCare.com survey say that the
cost of caring for a parent has impacted their ability to
plan for their own financial future. This is simply not a
risk that Dad and I are willing to take when at this age,
we have other options.”
Nicole, looking pensive, tries to wrap her head around
why her parents are sharing this research, “So, what
you’re saying is that the age of a family member isn’t the
decisive factor but rather the serious consequences of not
planning that you want to avoid, for all of us. What
exactly are you suggesting?”
“Dad and I want to redo the three simple steps.”
-Excerpt from "How Not to Tear Your Family Apart"
44 Chuck Rainville, Laura Skufca, and Laura Mehegan. Family Caregiving
and Out-of-Pocket Costs: 2016 Report, Washington, DC: AARP Research,
November 2016. https://doi.org/10.26419/res.00138.001.