If you’ve ever been to a self-improvement class or leadership training seminar you may have heard the story about the oxygen mask that drops down from the ceiling when an airplane is having a problem. The speaker will tell you it’s important to “put your own oxygen mask on first and then help others”. The point being, you’re no good to anyone if you’re unconscious.
The same is true with your finances in general and retirement planning in particular. You need to be aware of your own budget and social security benefits, as well as those of your aging parents who you may well end up caring for.
Depending on the study used for reference, between 53 to 68 percent of the 65.7 million caregivers in the U.S. are female. This means there are well more than 43 million women who are currently providing care for others on a regular basis.1 If you are not currently providing care to a child, older relative, or dependent, odds are that you may face this situation at some point in your lifetime.
These responsibilities can affect your financial future in multiple ways including the ability to work as much as you need to, and less time for accumulation of retirement plan savings.
Caring for others can not only impact how much you can save, it can impact how much you spend. For example, running family members to doctor’s appointments or the grocery store increases your gas bill as well as wear and tear on your car.
For many women, time spent caregiving also means that Social Security is extremely important for those who may not have had the opportunity to accumulate other forms of retirement savings. Without Social Security benefits, more than HALF of older women alive today would be in poverty.
At One Financial we understand that taking care of yourself is as important as taking care of your family. We become your partner in navigating the difficult waters of being a caregiver by helping to analyze your current and future situation as well as that of your family members. We’ll make sure you’re oxygen mask is firmly in place.
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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1http://www.apa.org/pi/about/publications/caregivers/faq/statistics.aspx