The Senior Source

Yesterday, our "Ask the Expert" Steve Benton talked about the financial impacts of being a caregiver. Here are three key takeaways.

Longevity is reshaping financial planning. People reaching 65 today have a strong chance of living to 85 or beyond, meaning money must stretch far longer than previous generations expected. The question "Do I have enough?" is harder to answer when no one knows how long care will be needed.

Getting organized is the first critical step. Steve recommends a three-part framework: 1. Identify all assets, income, and expenses; 2. Simplify by consolidating accounts, setting up auto-pay, and establishing a power of attorney; and 3. Organize records systematically so nothing falls through the cracks.

Caregivers must protect their own financial future too. Those who step back from work to provide care risk their own retirement security. Getting outside support — from caregiver programs, financial coaches, or community resources — is essential to avoid letting your own financial life unravel in the process.

If you are a caregiver and could use a little extra support, email [email protected] to set up a meeting.