Robbing Peter to pay Paul
A long term care event that results in the need for help with everyday activities often has impacts beyond the physical. Those impacts may affect the finances of the care recipient and caregiver alike.
According to Genworth’s 2015 Beyond Dollars Survey family members or
friends who are providing care or financial assistance to a loved one report spending
on average a total of $10,642 on out of pocket caregiving expenses.
One caregiver reported, “The cost of his care has taken money away from my children.”
Adult children are cutting expenses and reducing their standard of living to help pay for a family member’s long term care. Others are jeopardizing their own financial futures by dipping into savings and retirement accounts or by reducing their contributions.
Don’t let a long term care event change your clients’ retirement and legacy plans. Share findings from the 2015 Beyond Dollars survey and help them – and their families – make a better plan.