Today I’d like to help you get your week off to a great start by helping you identify some financial decisions you may face as a caregiver. These decisions can affect both your short and long-term financial security, including your own retirement.
Caregiving often results in financial consequences for caregivers. We often have to make decisions that will not only affect our career path but our financial future. Some of the consequences are obvious:
- a decision to work part-time,
- a decision to decline a promotion requiring longer hours or
- a decision to pass up a training opportunity requiring travel.
But there are more subtle consequences as well. These include:
- lost opportunities for compounded returns on 401(k) matching contributions,
- a reduction in savings and investments, or
- an inability to finance home improvements that could increase the resale value of a residence.
The Women’s Institute for a Secure Retirement has published a guide entitled Financial Steps for Caregivers: What You Need to Know About Money and Retirement. It’s a great little booklet that gives you four steps that will help you assure you are on the right track.
You can download the guide here!