Financial Planning for Family Caregivers
Being a caregiver can be incredibly rewarding. However, it can also be expensive. Meeting monthly financial needs was a top concern for 1,579 family caregivers responding to the 2011 National Family Caregivers Association (NFCA)/Allsup Family Caregiver Survey.
On average, caregivers who care for a family member age 50 or older report spending more than 10 percent of their annual income on caregiving expenses, according to the AARP. That equals more than $5,000 per year on average for the caregiver-not including the value of all the services the caregiver provides.
While taking on the role of caregiver can impact your own finances, you also may face the challenge of managing your loved one's finances. It can feel unfamiliar and uncomfortable to take control over someone else's money and financial decisions. It also requires work.
To help you get started, Allsup and NFCA created a financial planning webinar for caregivers. This webinar walks you through some of the practical and legal issues you will face as you manage your loved one's finances. It also provides strategies to help you make the most of what your loved one has and get more of what you need to meet your loved one's expenses.
Allsup and NCFA also provide a financial planning toolkit to help you put the strategies you learn from the webinar into action. The toolkit features tools and resources you can use to manage your loved one's finances more effectively.
Here's an overview of the information you'll find in the webinar. If a topic sparks your interest, you can find more details in the webinar.
- How to establish control over your loved one's finances
- Figure out your loved one's finances and create a budget
- Make the most of your loved one's benefits and insurance
- Make the most of Social Security and Medicare benefits
- Find resources that can help
- Turn assets into cash, but do it intelligently