As baby boomers get older, many will come to terms with the harsh reality of being a caretaker. And a new report from the Bankers Life Center for a Safe Retirement shows that care requires a world-class sacrifice.
In a survey of middle-income young boomers, 46% expect to be caretakers in the future. And 92% of those who are expected to be carers are willing to make a significant living sacrifice to provide care for a loved one. But those sacrifices may be on the rise, and in some cases, pose a financial risk to the boomers.
What does it take to be a caregiver?
Not everyone is cut to become a caregiver, but to the boomers willing to sacrifice to rise to that duty, here's what they want to give:
- 66% will reduce spending.
- 27% will move to a new home.
- 27% will return to work hours.
- 19% will stop working together.
The conversation of caregiving
It is not easy to broach the topic of care as a family, but it is a difficult one. pet conversation. have. If you expect to be a caretaker for some time, this will help to set proper expectations from the start. Be honest with yourself and your loved ones to the extent that you are ready to go logistically and financially to serve in that role. Maybe you're willing to give up things like leisure, but you're not ready to retire in no time. These are the decisions you need to share so that your loved ones know what to expect.
At the same time, it is a wise idea to look into long-term care insurance – for yourself as well as for loved ones who otherwise rely on you to provide full care in the future. A long-term care policy can help reduce the astronomical cost of assisted living, home care, or home health care. The best time to apply is during your 50s, when you are likely to snag a long-term health-based discount on your premiums, thus making your policy more affordable. But if your health is good, you might be eligible for a competitive rate in your 60s too.
Approximately 45% of middle-income baby boomers think they will need long-term care at some point in their lives. Interestingly, that out of 36% felt the same way back in 2013. This suggests that older Americans are becoming more realistic about the possibility of long-term care, and that is a positive thing.
Nursing can take an emotional and financial toll. toll, and this shouldn't be a situation you're not ready for. Let conversations with your loved ones come sooner than later – before the need for care comes up.