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.
Read MoreNot If, But When: Make a Plan for Incapacity
Making decisions for how you want to be cared for while you are still able to choose is a gift to yourself and your loved ones. If you’re unable to convey how much intervention you want, or if you want no care at all, your children and medical professionals will have to make the decision for you. According to Barron’s in “Three End-of-Life Estate Plan Lessons,” not planning for incapacity creates a heartbreaking situation for your heirs and could also undo a great deal of your estate plan.
Let’s look at some important lessons about incapacity planning:
Inform those with a role in your estate plan about your wishes immediately. You should also explain your thought process to them so they have complete information to carry out your wishes if necessary. Often, in cases with little communication, it looks like this: Dad has a fall or an illness that puts him in rehab. The family reacts by shifting into crisis mode, and they make important decisions relying on the information readily available instead of the complete picture.
Read MoreDo You Need Help Advocating for Your Loved Ones?
We take on many roles when we need to take care of aging family members, from driving them to appointments, managing their schedules, reviewing health insurance coverage, and making sure the bills get paid to helping them navigate health challenges. By necessity, we also must be prepared to advocate on their behalf during a time when they are vulnerable, as reported by AARP in “How to Be an Effective Advocate for Aging Parents.”
That means knowing what they want for care and quality of life, and making sure those wishes are followed. It also includes helping loved ones manage finances and legal matters, and making certain they receive appropriate and high-quality services and treatments when needed.
Read MoreElder Financial Abuse is Focus of New Guide from Consumer Financial Protection Bureau
A report from The Consumer Financial Protection Bureau, detailed in a CFPB press release, “Consumer Financial Protection Bureau Report Finds Hundreds Of Counties Nationwide Fighting Elder Financial Abuse With Community Efforts,” finds that hundreds of counties around the nation are creating community-based protection partnerships between social service agencies, financial institutions that serve seniors and law enforcement. When their efforts are coordinated, these partnerships can be effective in preventing, detecting and responding to elder financial abuse.
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