A Downside of Caregiving: Your Own Retirment Plan

Caregiving Can Wreak Havoc on Your and Your Family's Retirement Finances

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A recent study by Genworth Financial found that Long Term Care is expensive in more ways than one. In addition to being a huge financial burden on the patient, Long Term Care also damages the retirement savings of caregivers.

The study found that about:

  • 73 percent of caregivers had reduced contributions to their own savings accounts as a result of caregiving responsibilities.
  • 44 percent of the primary caregivers reported having to work fewer hours because of caregiving.
  • 48 percent of the primary caregivers had lost jobs, changed shifts or missed career opportunities because of their responsibilities.

If you are receiving Long Term Care or are providing it, a Reverse Mortgage can help provide a truly viable way to fund these costs in the patient’s own home.

A Reverse Mortgage can also be used to purchase Long Term Care insurance – which depending on your age and other circumstances – can be a good hedge against the costs of Long Term Care. A certified financial planner can help you decided if this approach is right for you.

Talk with a Prescreened Lender About a Reverse Mortgage for You or a Loved One

Discuss Long Term Care Insurance Options with a Prescreened Broker.