November 2021 Issue: The Growing Storm of Caregiving - and how Advisors can Help-The Growing Storm of Caregiving

The Growing Storm of Caregiving - and how Advisors can Help by Trish Laub

Pdf Summary

The article discusses the financial impact of caregiving on individuals and families, emphasizing that everyone will be affected by caregiving at some point in their lives. The author highlights the rising number of family caregivers in the US, with 53 million caregivers, 60% of whom are working. Caregiving ranges from basic activities like running errands to more complex tasks like managing medical care. The article also points out that many caregivers expect to provide care in the future, and by 2030, 60% of employees will have family caregiving responsibilities. The financial burden of caregiving is significant, with caregivers incurring expenses of hundreds to thousands of dollars annually for nearly five years. Different generations experience the impact of caregiving differently, with baby boomers often having some financial planning in place, Xennials struggling with coordinating care, and millennials at risk of disrupting their careers due to caregiving responsibilities. The article suggests that financial advisors should anticipate the potential effect of caregiving on their clients and help them plan for increased expenses and potential income loss. It advises advisors to provide different types of advice and support based on the generational differences in caregiving. The article also advises advisors to create a strategy for their clients' retirement and future care needs and recommends connecting clients with elder care specialists and resources related to caregiving. Lastly, it emphasizes the importance of understanding caregiving and its impact on clients in order to assist them in reaching their financial and retirement goals.

Keywords

financial impact of caregiving

caregiving on individuals and families

rising number of family caregivers

53 million caregivers

60% of caregivers are working

basic activities of caregiving

complex tasks of caregiving

future caregiving expectations

financial burden of caregiving

generational differences in caregiving