Читать книгу Financial Care for Your Aging Parent - Lise Andreana - Страница 3
Introduction
ОглавлениеBy the year 2021, it is estimated that there will be 6.7 million seniors in Canada. By 2041, this number will grow to 9.2 million, meaning that one in four Canadians will be a senior.[1] The statistics for the United States show a similar growth pattern for the aging population with 55 million achieving senior status by the year 2020 — a 36 percent increase over the next decade. The driving force behind this growth is the well-known “Baby Boom” between 1946 and 1965 that saw a dramatic increase in the number of children being born during that period.
With the fastest growing segment of the senior population being those older than age 85, and knowing that 70 percent of Boomers still have at least one living parent, that means many of the Boomer generation will be faced with the prospect of caring for their aging parents right at the same time they are approaching their own retirement. Clearly, Boomers are headed for a crisis; one they may not have anticipated.
As our society moves away from institutional care, more seniors are staying in their homes and/or being cared for by family members. Almost 50 percent of seniors suffer from a disability. Even more shockingly, more than 80 percent are suffering from a chronic health condition.
Currently, more than 90 percent of caregiving in Canada is provided by either a family member or friend. The impact this role can have on caregivers can be as simple as missing out on socializing with other family and friends to more significant consequences such as fatigue, sleepless nights, and emotional or financial stress. Caregivers may also suffer lost wages due to time missed at work, as it is estimated that it costs Canadian businesses $16 billion a year when employees take time off to care for a loved one. This missed time can also result in losing out on opportunities for promotion, a reduction in savings capacity for their own retirement plans, and smaller pension plan amounts after being forced to retire early.
As aging parents face diminishing health — both physical and mental — it becomes increasingly more challenging to work with them to understand their financial situation and their personal wishes for living arrangements and care, and to protect their interests. Difficult emotions often come into play. Disagreements with siblings are common. Finding all their relevant legal and financial documents can feel overwhelming.
This book aims to provide you with the tools you need to —
• prepare for the possibility of taking on a caregiving role,
• balance your own retirement needs with those of your aging parents,
• create a sustainable financial plan for your parents,
• find resources that provide the services you may need (some at reduced costs),
• track your parents’ finances,
• prepare for and select a retirement facility, and
• assist your parents with the sale of their home.
There is no time like the present to begin preparing for your aging parents’ financial future. Being proactive can help minimize a great deal of stress and uncertainty down the road — for your parents, yourself, and your entire family.
The worksheets in this book are included in a download kit so that you may modify them to suit your needs at www.self-counsel.com/updates/financialcare/14forms.htm.
