Crisis in Caregiving
If you do not already know, you will soon enough. There is a caregiving crisis in the United States. Directly or indirectly it will effect you.
Caring for a loved one can cause havoc with the caregiver’s efforts to save for their own retirement.
Researchers divided caregivers into two groups; Primary Caregivers – The main providers of hands on care, and Secondary Caregivers – Others involved with care who do not provide day-to-day support.
About 73% of the Primary Caregivers, and 40% of the Secondary Caregivers said they had significant reductions to their savings as a direct result of caregiving responsibilities. In addition, both groups reported an even greater reduction in their retirement contributions.
Caregiving also had a direct effect on the cargivers ability to work and keep jobs. Working fewer hours, losing jobs, and missed career opportunities were reported as a result of their caregiving responsibilities.
So now is the time to take responsibility for ourselves and make sure our spouses and children will not have this burden to carry.
As I always said, transfer the Long Term care risk to the insurance company and do not leave a bankrupt legacy to the future generations.
Abe Glickman, LTCA, LTCP
Member: AALTCI, NAHU, NAIFA, SOA
Abe Glickman Insurance Group
Toll-Free Phone: 877-298-5824
“It is better to create a plan 10 years too soon than one day too late.”
Questions or Comments? Give me a call!