It only seems fair: your parents took care of you when you were young, and now they need your help. Aging parents often need adult children to handle medical care and finances, when they can no longer manage on their own. When the level of care spills over into the adult child’s own finances and impacts their careers, it can become a hardship.
MarketWatch’s article, “Read this before becoming your parents’ caregiver,” reports that, in many instances, the adult child caregiver is still able to maintain a full career and family life. However, in certain situations, the family member who’s assumed the role of a full-time caregiver must reduce his or her work hours or forego a promotion because of the time commitment. In the majority of situations, we see adult children answer the call of caregiving in a crisis when there’s an imminent need. A short-term assignment can be doable for a professional with his or her other family and personal responsibilities, but when the duties last longer, he or she will realize there isn’t enough time or resources to do it all.
Read MoreRising Numbers of Alzheimer’s Calls for Awareness and Preparation
The number of families who will be involved with care of a senior with Alzheimer’s or another type of dementia is staggering. In 2016, more than five million Americans were living with the debilitating disease, for which there is no cure and only limited treatment.
WTTW.com’s recent article, “For Caregivers, Dealing with Dementia Can Be Tough Reality,” explains that for loved ones, the reality of managing the care and financial affairs of a senior with diminished mental capacity can be an extremely stressful. Unfortunately, tales of exploitation and abuse are not uncommon.
Read MoreWhen Time is Critical, What’s Your Health Care Plan?
Before an emergency strikes, certain legal documents should be prepared so children or other trusted family members will be able to help loved ones. Explain to your children that this simply means your wishes will be known. It’s necessary to do this while you’re healthy and well, or at least able to articulate your wishes. That means speaking with an estate planning attorney to have the documents created and also making sure family members know where important papers are located. I may also mean holding a Family Care Meeting so parents can explain their wishes and estate planning now to help children and loved ones understand their roles and responsibilities before they need to exercise them.
Read MoreAnother Challenge for Working Women: Providing Eldercare to Loved Ones
Combine the good news of people living longer and the bad news of the increasing cost of caring for the elderly and you have an economic burden that has a disproportionate impact on mid-career women, according to “Elder caregiving a growing burden to women in mid-career,” an article in The University of Buffalo’s UBNow news website.
Women are statistically more likely to become caregivers and this study found women caregivers were about 8% less likely to work. After providing care, they were 4% less likely to work. The study was presented at the Women Working Longer Conference hosted by the National Bureau of Economic Research. The research also found that with caregiving increasing, more current generations of women are more likely to provide care than women previously, since millions of individuals are providing care for parents or in-laws.
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