This week, I’m talking about navigating life’s important transitions before and during retirement. 

Today, I’m talking about navigating caring for your elderly parents. This is an important transition that usually happens in your early to mid 60s. But it can happen much earlier or later depending on the age and health of your parents or your spouse’s parents. 

Caretaking of elderly parents often falls on family members, with 65% of older Americans who need care today are relying on family and friends exclusively. And of those caregivers, ⅔ of them are female. 

So for you women listening, it’s likely that at some point, if you aren’t already, you will be providing some type of care for mom or dad...or both. 

The implications of this are numerous and differ in each situation. The challenge for many women is that you just raised your kids and soon after may be thrust back into a caregiving role, so it’s important to understand and accept the possibility that that may happen so you can better cope with it. 

Other challenges of caretaking for elderly parents include time & energy commitments. You might need to also provide financial support if your parents don’t have the financial means to independently care for themselves or pay their bills. Another challenge is reduced income for you or your spouse. Because of the time commitments, you may decide to work part-time or stop working altogether to take care of mom or dad. This can be particularly challenging for your finances and retirement plan if you didn’t plan on this change. Not only do you reduce your income, but you also may not be able to contribute to your retirement during this time. 

Of course it’s different for everyone and every circumstance, but depending on the age, health, and financial resources of your parents, you’ll want to think through this important life transition that can blindside many people during their peak working and earning years, and either accelerate or delay your own retirement. 

That’s it for today. Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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