Baby boomers are getting older.
As baby boomers age, the U.S. elderly population is set to balloon. By 2030, there will be 81.2 million Americans over age 65, and many of them will need help taking care of themselves. That means many of their sons and daughters will find themselves juggling caregiving responsibilities for their families as well as their aging parents. Here are 10 ways to ease the financial strain of that challenge.
Talk about plans in advance.
If you think your parents might need your help at some point, have planning discussions in advance: Do they have money saved to handle health care costs? Do they prefer to live at home or in an assisted living center? Talking through difficult topics when parents are healthy can make it easier to work through decisions later.
Get support.
Websites like Caring.com help create a sense of community among the 43 million Americans currently caring for someone over age 50. Attending local support groups and sharing responsibilities with other family members or paid caregivers can also help ease the burden.
Remember to take care of yourself.
When you’re spending your days taking care of someone else’s basic needs, it’s easy to forget to make sure you’re eating enough, exercising and sleeping enough, too. If possible, build breaks into your week to maintain the stamina to continue your caregiving duties. You can also consider hiring help for other tasks, such as house cleaning and yard work.
Continue working if possible.
While caregiving can easily become a more than full-time task, many caregiving experts urge people to keep working if they can. That way, you can continue to bring in income to ease any financial strain and also maintain an identity you can return to after your caregiving duties end.
Check on eligibility for public benefits.
Veterans and their spouses might qualify for certain benefits and government programs such as Social Security and Medicare. People who are over age 65 or under the federal poverty limit may also be eligible for Medicaid. BenefitsCheckUp.org makes it easy to check your eligibility or that of the person you are caring for.
See if your workplace offers benefits.
Some companies, like PricewaterhouseCoopers, allow employees to take sick days when caregiving responsibilities pop up, and some allow other types of flexibility, such as arriving late or leaving early, to make it easier for caregiving employees to juggle duties outside of work. Dependent care assistance programs, which allow employees to pay for eligible care expenses on a pretax basis, are also sometimes available.
Monitor the financial abilities of your loved one.
Research suggests that adults in their 60s and 70s start to lose their ability to manage their money, including protecting themselves from fraud and paying bills on time. If you notice your loved one struggling with money management, then you should offer to help or enlist a professional.
See if your bank can help.
Banks are becoming increasingly savvy about helping their customers who are caregivers or receiving help from caregivers. Offerings include adding a person on accounts who can help monitor withdrawals, debit cards that only work at preapproved locations and extra fraud alerts to prevent scams.
Review estate planning documents.
This task is best handled when everyone involved is healthy, but it’s never too late to make sure your loved ones have their will and power of attorney documents updated. Also consider organizing all of their financial accounts, relevant passwords and contact information in a secure and accessible place.
Consider online safety.
Older adults are often targeted by scam artists through email and social media. Particularly if your loved one faces any confusion or cognitive challenges, you’ll want to make sure he or she stays safe online by using hard-to-guess passwords, avoiding strangers on social media and never clicking on embedded links in emails from unfamiliar sources.
More from U.S. News
50 Ways to Improve Your Finances in 2015
11 Ways to Save Time and Money
10 Ideas for Dating on a Budget
10 Money Tips for Family Caregivers originally appeared on usnews.com
