Women acting as a prime caregiver in a standard home often face critical challenges when planning for retirement. We tried to take on some expert opinion about that and ask few questions from a retirement expert and simultaneously a lawyer also. Our expert also holds the honor of monitoring advocates of US.
In addition to all above she is a strong part of Congress and can be seen raising her voice for women empowerment and their immense need to get ready and prepare themselves for retirement. She explained her views, on challenges faced by women along with difficulties of caregiving, the financial crisis faced by a woman and the social stigma faced being a widow.
What is the monetary impact on women as caregiver?
When I started as a potential person in caregiving then I was told by some people that “There is no need for talking about finances when it comes to caregiving. This is because people love their parents and they do the caregiving job by their will”
This argument showed that those people were in favor of a caregiving job. I reached out to more people while talking about it. I spent time with different people including some old lawyers who came up to me with the argument that they quit their earning sources to take good care of their parents. At this moment, the state is taking away the house in compensation of all the money they have.
The person continued by saying that he is 64 years of age now. What is his financial security now? Where is he going to find an earning source? There has been put a lot of ink on this topic in literature found. You are not going to have another job with a handful numbers of amenities. These people are now stranded with nothing left in hand because someone for which they spent all their time has got sick. I have got special sympathies for these people.
How to offer moral and financial support to caregivers & to lend them a hand?
Agreements regarding family caregiver are more in debate here. There is an arising idea among families that caregiving has to do a lot with more than one member involved. The news is also in the air that other members of the family like our brother and sisters are getting more stable financially and they are supporting the member of the family who has devoted his life in name of caregiving. I have been across the examples where some members of a family got financially stable enough to buy a house for the sister who left her job to spend her time in caregiving.
There is something more unusual and interesting has been seen these days. Many younger ladies left their jobs to serve as caregivers for their parents by acting as a responsible daughter. There are also seen some old ladies advising younger ones to not quit their earning sources for the sake of caregiving. Younger women are told that they are parting their core financial resource for the reason that has to be shared with other siblings or members of the family.
How retirement planning is affected by awareness of financial resources
You must enlighten yourself with financial problems. You must take on the responsibility to equip yourself with the language and every penny you are saving in for life after retirement. You must count on all the financial means serving as a financial security blanket for you. You must be sure before the time that what are the savings and insurance offers which will save you from blazing heat afterward. A financial planner or financial counselor is needed to lend a hand in this regard. They must be there all the time to answer all your reservations. Its never too late to start planning for your old age. You should always wear shoes which best fits in. If you are unable to afford the taxes of a big house then you should leave that and must move on. It is in hands of you and solely you to make decisions about the time when you be retired. You will have to spend some time and do something.
What options a widow women have to handle their financial crisis
Over the previous decades, I have heard multiple stories one above the other where women are deprived of survivor grants and pension benefits which they should be provided with. They didn’t understand the matter fully or didn’t handle their crisis in case of a divorce. They even left their legal money in a way in which they were going to need in the long run. We inspire women and their families to take this matter seriously as they are going to face consequences in the near future as a financial burden. We urge them to talk about this and take some measures.
Ways for elderly women to make up for a safe and secure retirement?
Some people argue that you should work until you are 70. If you find it difficult and trying to get old age benefits by the age of 66, try to save some more years at job at this moment. Or, if it is not possible to put some years into your IRA then try for a little bit add up. Things can be hard but you to take them into your hands. You can’t just sit in a corner thinking that you can’t do anything about the situation.