According to a Genworth study, half of the 1,200 caregivers surveyed said providing care for loved ones took a significant toll on their careers, and 11 percent said they lost their job. Ten percent had to change careers completely. On average, caregivers reported losing one-third of their income when they became caregivers.
Knowledgeable financial advisors recommend taking care of your own long-term care planning first, before giving your kids money.
An October 9, 2015 New York Times article by Constance Gustke says parents are often making things harder for themselves and their kids in the long run by making things too easy for their kids in the short run.
I’ve seen a great many circumstances just like the following, quoted from the article:
“Take Jacquelyn McClellan, 74, who lives in Orange City, Fla. In what admittedly is an extreme case, Ms. McClellan, a retired program analyst for the federal government, began paying for various expenses for her grandchildren after her son said he could not afford them. She paid for dancing school, parochial school, trips to Disneyland, all with the help of money from her pension.
These payments ended up tipping Ms. McClellan into bankruptcy in 2011. Since then, Ms. McClellan has sharply dialed back her own lifestyle. She can’t go on vacation cruises and has only minimal savings.”
Unless it is a true emergency, do your own long-term care planning first, before giving your kids money.
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