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Let’s see. Where did we leave things?

Oh, yes! In our last piece, we talked about your options for Long-Term Care Insurance and the importance of protecting yourself and your loved ones from the burden of long-term care.

Now, let’s talk about the issues surrounding being the caregiver and ways you can discuss options with a loved one.

An Ongoing Issue

The vast majority of millennials have boomer parents, who have an average of only $147,000 in retirement savings. Even though millennials generally are better at saving for retirement than their predecessors, according to the National Institute on Retirement Security, the majority of working Americans have no retirement savings at all. For all the ink spilled between the 2008 recession and now about millennials living at home, in the coming years, it’s millennials who will be helping to care for and support their parents as they age. (The Washington Post)

As our parents age and some of us decide to have children later in life, more and more women are finding themselves part of the “sandwich generation” of caregivers: caring for parents and children at the same time.

This isn’t something to be taken lightly. “Overall, caregivers who experience the greatest emotional stress tend to be female. They are at risk for high levels of stress, frustration, anxiety, exhaustion and anger, depression, increased use of alcohol or other substances, reduced immune response, poor physical health and more chronic conditions, neglecting their own care and have higher mortality rates compared to non-caregivers.” (Source)

The Time to Talk About this is Yesterday

It’s important to start this discussion early and know your loved one’s plans for aging; listen to their wishes and reassure them that you are determined to make sure their requests are followed. You don’t want to wait until cognitive decline is present to find out what kind of care they would like (such as in-home care or a facility if that’s an option).

Something else that’s crucial is planning while they are still healthy enough to qualify for coverage and when you begin the discussion, it’s also important to be ready with their options. Before you start the conversation, learn the basics so you are all well informed. (CLICK HERE [link to previous blog] for your options.)

And don’t go it alone if you don’t have to. If you have siblings, have a discussion, and make a plan for how parental care will be shared. Care disproportionately falls on women, and often only on one child. Being clear that parents will be everybody’s responsibility ahead of time can help alleviate misunderstandings and resentment later. One child may not be able to help with day-to-day care because of geographical restrictions, but perhaps that person can financially contribute to caregiver assistance to help the main caregiver.

I’m Here to Help

If you find yourself unsure of how to move forward with your own planning or planning for a loved one, let’s talk about it. We can discuss:

Most importantly, I can help you look at how having Long-Term Care Insurance will affect your overall financial plan, as well as the financial future of a loved one.

Aging is something that most of us will experience if we’re lucky – that’s not a choice. But we DO have choices regarding how we go about it. As with most elements of planning your financial future, it requires knowing your options and creating a plan that fits your specific lifestyle.

CLICK HERE to let me know how I can help.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

When it comes to long-term care, many women assume that the need for it is likely far down the road. But the truth is, planning for it might need to start now.

Sure, you might be in your 30s or 40s and in good health, but the need for long-term care – especially when it comes to women – isn’t just about your own needs. It’s about the needs of loved ones as well.

According to, “Women comprise 75 percent of nursing home residents, 97 percent of professional caregivers, and the vast majority of family caregivers for elderly relatives at home.” This means that those who are personally in good physical condition could still feel the effects of taking care of a loved one.

I’ve even seen this in my own office. I had a client who had to turn down a promotion that she had been working toward for a long time because her mother developed dementia. In the end, the client needed to care for her which meant she wouldn’t be able to travel for the new position.

So, let’s talk about your options, both for yourself and the people you care about.

Do YOU Need to Invest in LTCI?

When it comes to your own long-term financial plan, it’s all about preparing for your future. However, when most people think of “financial planning,” they only think about retirement funds and investments. Creating a strategy around your healthcare should play a big part of this plan as well.

When I sit down with a client, we discuss several things to determine if she is a good candidate for LTCI:

It’s also important to note that women usually outlive male partners, which means they’re in the position of taking care of their significant other but are then left on their own as they age.

We also model scenarios where long-term care is needed, and then create models with and without LTCI. We ask questions like:

What are Your Options?

I know many people are reluctant to purchase LTCI because they think that if they don’t need it, the money will be wasted. But plans have really evolved over the last several years and there are many options now, including hybrid policies that combine long-term care with life insurance.

But It’s Not Just About You

At the beginning of this piece, I mentioned a client who had to postpone her career development because it was necessary for her to take care of a loved one. And this is a big deal – many of us have worked too hard for too long to have our careers derailed by something that could have been planned for and prevented.

In the next piece, we’ll discuss your options for aging parents and how you can start the conversation about long-term care.

Have questions so far? Let’s talk about them. CLICK HERE to schedule a call!

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

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Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through GPS Wealth Strategies Group LLC, a registered investment advisor. GPS Wealth Strategies Group LLC and Aspen Wealth Management are separate entities from LPL Financial.

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