Dear Fran,
I’m 55 and trying to juggle my job, my family and planning for my retirement while also caring for my aging parents. It’s becoming overwhelming, both emotionally and financially. How do I manage both responsibilities without sacrificing my own future?
Sincerely,
Sandwiched
Dear Sandwiched,
You’re facing a common but difficult situation, and it’s important to strike a balance between caring for your parents and securing your own financial future. First, have an open conversation with your parents about their financial situation, including any savings, long-term care insurance, or government benefits they may qualify for. This will help you understand the resources available for their care.
Next, explore options for financial assistance by way of government assistance and consider whether downsizing or moving to a more affordable living arrangement could help.
When it comes to your retirement, continue contributing to your savings, even if it’s at a lower rate than you’d like. Minimize any unnecessary debt. If caregiving is consuming a large portion of your time, look into local support services or respite care options to ease the burden.
You’re doing a tremendous job—remember to take care of yourself too.
Warmly,
Fran
