Many families underestimate the cost of care for loved ones, especially when there’s serious illness involved
Care givers often underestimate the cost, the time and how draining it can be when caring for young children and elderly parents.Experts found three things that clients who are part of the so-called “sandwich generation” underestimate when they find themselves stuck in the middle.Sarah Widmeyer, senior vice-president, wealth strategies at Richardson Wealth Ltd. in Toronto, says it’s common for adult kids to dip into their nest eggs to help support aging parents. She points to a study from U.S.
a year on caregiving for aging parents and children under the age of 15. That’s the equivalent of 130 eight-hour work days. These decisions lead to less time to accumulate wealth for themselves, she says, and that money is needed as women live longer than men on average.Ms. Webster says that when an aging parent is diagnosed with dementia or another critical illness, stress builds as families learn about the amount of care required. The family may be dependent on public health care but there are often long waitlists for social workers and nurses.
Ms. Widmeyer knows that making these plans is definitely “one more thing” women need to manage by drafting and gathering important documentation, such as wills, powers of attorney, and topping up insurance and investments. But she says they’ll ideally find an advisor, someone they trust and who speaks their language, to help coach them through the process.For those not fully entrenched in the sandwich yet, Ms.
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