Finances of Caregiving

Jan Monahan
Contact information: Jan Monahan, ISUE&O Family Finance, 1600 15th Street, Spirit Lake, IA. Phone: 712.240.0254.

  Life expectancy for Americans continues to increase, so it is more and more likely that most adults will end up caring for an elderly parent or relative. “Care does not have to mean that the person lives in your home,” explains Jan Monahan, ISU Extension Family Finance Field Specialist. “It may mean that you provide transportation or other services to a person who still lives in their own home.” For most working Americans, this still requires flexible work schedules or using personal leave days, sometimes without pay.
The Finances of Caregiving provides materials to assist caregivers in protecting their assets and prepare for their retirement while providing care. This five-week program, beginning Tuesday October 1- 29th, will meet at the Grace United Methodists Church located at 311 2nd Ave. North from 5:30 – 7:30 PM. Come early and enjoy your dinner or eat during the presentation. Cost is $35 per person or $40 a couple (spouse, sibling, or parent/child). 10 Nursing CEU’s available for $15.
When making the decision whether or not to leave work or reduce your hours of work to become a caregiver for an aging parent or other relative in need of constant care, you have several areas to consider. How will it affect your current spending plan? How will it affect your retirement? “Losing a couple years of contributions when you're near retirement may not make a big difference in your account balance,” says Monahan. “But, the longer you have until you plan to retire, the greater the impact on your retirement savings,” she adds. Jan said that she also has created an “angel book” for her and her spouse so that all things are all together and easy to locate things such as the safety deposit box key.

For more information or to register, contact Grace United Methodist Church at 712.262.5970.
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