Sixty percent of Americans voice concern about becoming physical caregivers for elderly parents or other loved ones as they approach retirement themselves, according to a new survey. Another fear: 40 percent worry about supporting parents or others financially in old age, the Perspectives of Retirement Survey from The PNC Financial Services Group, Inc.
Nearly one in three non-retirees (30 percent) who anticipate caring for a loved one say they are planning to work longer to afford such care. Among current caregivers, one-third spend more than 10 percent of their retirement savings caring for a loved one, while nearly one in four (23 percent) dedicate half or more of their time caring for an adult relative.
On a positive note, PNC’s survey of 1,021 adults found that 36 percent of those looking after an adult relative say their caretaking gives them “a sense of purpose and fulfillment.”
“Caring for a loved one poses many challenges, including a major commitment of time and money,” said Joanne A. Shallcross, a PNC wealth planner who has a master’s degree in nursing. “It is essential to plan ahead with other family members to protect the financial health of one’s self and family.”
Shallcross recommends a review of financial health and estate planning documents every few years to prepare for life-changing events, including caring financially for a loved one. This should also include discussions with siblings and other family members to share responsibilities.
Other retirement planning considerations include: risk management solutions to provide for the events of one’s own disability or premature death, such as disability insurance, long term care insurance and life insurance. — prnewswire.com