LTC Blog

Don’t Let the Duties and Responsibilities of a Caregiver Hinder Your Retirement Saving

Caregiving can be the most rewarding thing you can do in life, but it is also the hardest.

About 43 million Americans worked as unpaid caregivers to adult ages of mostly age 50 years old or older. This number grows steadily over the years and has recently shifted to include more men and millennials. It is also expected to continue to grow as more baby boomers enter retirement years.

Caregiving demands time and effort to a family member who volunteers to shoulder the responsibilities. Although the caregiver’s tasks vary each day, some basic tasks remain in general when it comes to caring for a loved one. Take a look at some of the duties and responsibilities of a caregiver.

  1. Preparing a care plan
  2. Assess the medical needs of the patient
  3. Monitoring of medication
  4. Assist with basic needs such as bathing, grooming, and toileting
  5. Food preparation
  6. Housekeeping
  7. Transporting your loved one to doctor’s appointments and other activities
  8. Being a companion
  9. Monitoring of performance or improvement
  10. Assisting in transfers, such as from bed to a chair.

Duties and Responsibilities of a Caregiver

The enumerated tasks may seem easy to accomplish, but doing it on a daily basis can cause a caregiver burn out and stress. Because of the time and effort, the caregiver needs to provide for her loved one who needs care, often, he or she can unconsciously neglect his/ her own needs. Just like others who went into a caregiving role, much of the attention is focused on remaining days how to make it comfortable and safe instead of including the additional expenses and its effects on your retirement.

Worrying about your future and the money that is needed to save for your retirement can cause additional stress. But just as much as you need me time to relax and do some yoga, you also need me time to think about your financial health.

If you realized that your future is taking a back seat, it is time to sit down and review your finances and think how you can make it work. Remember, despite of caring for a loved one; there are still a lot of ways to save for retirement without making huge sacrifices. Consider some of this ways:

Don’t neglect your 401K

If you sacrificed your job to take over the caregiving role, you wouldn’t be able to contribute to employer-sponsor retirement plan. Therefore your spouse should max out his contributions to cover the gaps that you left off.

To be able to help in maxing out the contributions, try to make some adjustments in other parts of your monthly budget. Seems hard to do at first, but your future self will thank you for it.


Take advantage of IRA

Even if you’re putting money into a 401K, you can still take advantage of an Individual Retirement Account, or IRA. There are three kinds of IRAs: traditional, Roth and Simplified Employee Pension.


Secure your future Healthcare

Learn how you can take advantage of various healthcare options that can help you pay for your own health care costs, once the need arises in the future.

Learn about the plans of Medicare and Medicare supplements, the protocols of Medicaid and the benefits you can get from long term care insurance.

Take time to plan for your own healthcare needs in retirement seriously. If you become the patient, know who will take care of you and how you will be taken care off. It is essential that you already have a clear view of these things to be able to plan your retirement accordingly and lessen your worry. Also, you can prepare for the costs which could pose a  burden in your golden years.

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