Managing your finances as a caregiver

Managing your finances as a caregiver


How can you be certain that both you and the parents or senior loved ones you take care of will continue living comfortably as you age? Caregivers often face complicated financial situations, but help is out there.

Greg Smith at Transamerica recommends that caregivers who want to begin financial planning for their family should follow four tips.

4 Steps for better financial planning caregivers should take

Transamerica recommends the following steps for caregivers to take towards financial planning for the future:

1. Start now if you haven’t started already

“We believe that starting as early as possible is the best possible scenario,” says Smith. In fact, a lot of his advice leads to the idea that it is better to plan your financial future as soon as possible. But you shouldn’t feel discouraged if you haven’t started yet. Just entertaining the thought of starting early is a good sign that you think ahead of a lot of people. Smith also says that “a lot of people are in denial or feel apathetic towards their financial situation. Being aware is a good sign and also a good first step.’’

2. Meet with a financial planner with your family

When you think about the different categories and factors that go into financial planning like social security benefits, taxes, estate planning, etc, it may be a lot of information to process. “You can do it on your own,’’ says Smith, “but we often compare it to working on your car which is difficult to do it alone.’’

Gather your whole family together and discuss your needs and goals with a financial advisor. Every situation is different and no resource or article online will give a proper analysis for your particular situation.

3. Understand what your options are

“As we’ve ventured into the caregiving market, one of the biggest things we’ve witnessed is the lack of understanding of everything from long-term care insurance, to government entitlement, to how you qualify for certain benefits,’’ says Smith. Financial resources and options are most certainly complicated. You don’t want to assume you’ll be getting more after you retire than you do and you don’t want to miss out on benefits you’re entitled to. “A lot of people who are soon to be retired, are making plans for health care expenses, traveling and their home, but not only your first day of retirement is real, unexpected things come up once you get into it so you shouldn’t let reality take you by surprise.

4. Why should you consider Transamerica?

A lot of businesses can be found in the financial services field, but Transamerica focuses on the needs of caregivers and people who are retired, and they have been around for long enough to know their stuff.

They take the full family into account and therefore make good financial planning. Financial planning is about parents who face difficulties in deciding what type of senior living community to choose, and it’s also about you, who will deserve the comfort you seek to give your loved ones and family members with now.

Proactive planning is a message that Transamerica wants to convey and we can all benefit from their values.

We can Help! Our local advisors can help your family make a confident decision about senior living.

Call: 800-997-1342


Petar Jangelovski
Petar Jangelovski

Petar Jangelovski A former ESL teacher who enjoys reading books and going out with friends. Experienced and creative translator, and once upon a time a poet, who wrote Shakespearean-like sonnets.

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