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Becoming a family caregiver is an enormous responsibility. Caregiving can take its toll and self-care can be neglected. Danielle Miura, CFP shares her experience and insights on what you should be prepared for and planning for.
Danielle Miura joins us from California.
Danielle is a Certified Financial Planner (CFP®), a financial educator, and a true fiduciary advisor. She is frequently featured in the press and interviews. Spark Financials is a registered fee-only RIA firm headquartered in Ripon, CA. Danielle Miura founded Spark Financials to help family caregivers organize, simplify, and empower them through every life turn.
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On Planning for Caregiving
“First we have to lay the foundation for ourselves in our own financial situation. So about 65% of family caregivers have some type of health decline during their caregiving period. And so it’s ensuring that you have a long-term care plan in place, because as much as we would want to admit it, we have to take care of ourselves too. And it may happen that not only you’re taking care of a loved one, but you’re also needing your own long-term care. So having that plan in place for yourself, having your finances in order so you understand what those financial boundaries look like. So exactly when you need to pull from savings, how much can you pull from savings? That may be the decision of whether do I pull money from my 401(k )or do I pull it from a taxable brokerage account, because those can be two different tax implications. And then it’s looking at your loved one’s financial situation. If you’re going to be their power of attorney, you’re going to have to understand what that role looks like, and you probably should know where their accounts are, how much money they have so they can afford long-term care themselves. Do they have enough money to either pay for a care worker or pay for you to take care of them? So those are the questions that I start, I’m kind of like the devil’s advocate where I am [asking ] if this scenario happens, are you prepared for this situation? Because it may happen to you if just like me, I needed to take care of myself and I needed a couple weeks to do that and to get myself recuperated
“Take care of yourself and know those boundaries. It’s okay to have boundaries. It’s okay to have limits. Maybe you have a relationship with your loved one that’s not a healthy relationship. It’s okay to ask for help and find other ways so that you are not paying, you’re not doing the primary role of family caregiving. It’s okay to set up a support system where you’re not doing all the activities when it comes to caregiving. So for example, for my loved one, we have a neighbor that comes over and walks the dog. We have another neighbor that comes over and sees my grandmother an hour a day and they chitchat. So trying to spread out the wealth of caregiving is what’s going to help you in the long run. That could be an hour that you can go on a walk or an hour that you can relax. Sometimes you have to get a little bit creative. As I talked about previously. A lot of people don’t know they’re actually family caregivers. And the trouble with that is that there are so many great resources, but if you don’t feel like that’s part of your identity or that’s something you need help with because you’re not fitting into that role, you may not be a person that actually gets help. And there’s caregiver support groups.”
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About Your Podcast Host
Joe Casey is an executive coach who also helps people design their next life after their primary career and create their version of The Multipurpose Retirement.™ He created his own next chapter after a twenty-six-year career at Merrill Lynch, where he was Senior Vice President and Head of HR for Global Markets & Investment Banking. Today, in addition to his work with clients, Joe hosts The Retirement Wisdom Podcast, which thanks to his guests and loyal listeners, ranks in the top 1 % globally in popularity by Listen Notes. Business Insider has recognized him as one of 23 innovative coaches who are making a difference. He’s the author of Win the Retirement Game: How to Outsmart the 9 Forces Trying to Steal Your Joy.
The views and opinions expressed by guests on The Retirement Wisdom Podcast are those of the guests and do not necessarily reflect the opinions of the host, or of Retirement Wisdom, LLC. The Retirement Wisdom Podcast covers the non-financial aspects of retirement. From time to time we may invite guests who discuss other aspects of retirement planning, solely for educational purposes, not advice. Listeners are advised to consult qualified financial and/or medical professionals on those matters.