It’s true: careers are being hurt because of the decision to care for elderly parents. These careers are not being hurt because companies are outright against caring for the elderly, but because of the heavy toll that accompanies such a decision. How heavy a toll? If you decide to do this, expect to spend around 20 hours a week providing care. That’s 20 hours taken away from your ability to earn a commission; to undertake extra projects; to network; or to make your presence felt, in the hope of earning a promotion.
In addition to the harmful effects that being a caregiver may have upon your work schedule and promotional prospects, it may also affect your financial outlook and retirement plans. Providing care to an elderly parent may be accompanied by unforeseen and substantial costs. For example, if it becomes necessary for your parent to move in with you, such a move may require renovating or remodeling a portion of your home. On top of that, who will care for your parent, if necessary, during the hours that you are able to spend at work? If your parent needs care and no one else is around to help you, it may be necessary for you to hire a home care aide. What is the average salary for such an aide? $20,000 per year, but this sum seems paltry when compared to the $75,000 yearly average for a nursing home.
If you would like to know what steps to take to prevent damaging your career and still provide care to your parent(s), contact your attorney.
- Low-Interest Loans: An Estate Planning Technique - June 23, 2020
- Irrevocable Medicaid Trusts - June 16, 2020
- Uncompensated Transfers - June 9, 2020
Leave a Reply