Have you taken on the responsibility of caring for a friend or family member’s needs due to sickness or disability? You aren’t alone, as the number of unpaid caregivers in the U.S. is increasing. In fact, approximately 53 million Americans currently provide care to an adult or child with health or functional needs, up from 43 million in 2015.1
With approximately one in six Americans providing some level of family care, unpaid caregiving is becoming common as people live longer. Some facts about unpaid caregivers include:
While providing care for a loved one can be personally gratifying, the change in circumstances can create significant financial challenges. Nearly 50% of caregivers reported experiencing at least one negative financial impact since becoming a caregiver. Approximately 3 out of 10 caregivers have stopped depositing money into their savings accounts, 25% have taken on more debt, and 1 in 5 reported having unpaid or late bills.
Airplane flight attendants instruct passengers to put on their own oxygen mask first before helping others. This metaphor also applies to caregivers as your financial stability should come first. Create a budget, maintain an emergency fund, keep contributing to your retirement accounts, and plan now for your own aging, including having a Will in place.
If you are a caregiver or know someone who is, Jemma Financial has experienced Financial Advisors who can help create a plan that incorporates this special situation.
1 2020 Report by the National Alliance for Caregiving and the American Association for Retired Persons (AARP)
Need assistance? Call 855.662.2121 or email info@jemmafinancial.com
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IMPORTANT NOTICE
You are now leaving the Jemma Investment Advisors, LLC Website and will be entering the Charles Schwab & Co., Inc. ("Schwab") Website. Schwab is a registered broker-dealer, and is not affiliated with Jemma Investment Advisors, LLC, or any advisor(s) whose name(s) appears on this Website. Jemma Investment Advisors, LLC is independently owned and operated. Schwab neither endorses nor recommends Jemma Investment Advisors, LLC. Regardless of any referral or recommendation, Schwab does not endorse or recommend the investment strategy of any advisor. Schwab has agreements with Jemma Investment Advisors, LLC under which Schwab provides Jemma Investment Advisors, LLC with services related to your account. Schwab does not review the Jemma Investment Advisors, LLC Website, and makes no representation regarding the content of the Website. The information contained in the Jemma Investment Advisors, LLC Website should not be considered to be either a recommendation by Schwab or a solicitation of any offer to purchase or sell any securities.
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