Does your retirement planning account for caregiving? Will you be a caregiver? Who will be your caregivers?
We talk with expert Joy Loverde about what you should include in your retirement planning.
Joy joins us from Chicago.
Joy Loverde has a reputation for being a path carver and visionary. Joy is the author of the Who Will Take Care Of Me When I’m Old? and the best-seller, The Complete Eldercare Planner. The American Medical Association says, “It’s the best book we’ve seen.”
With over 30 years experience as a media spokesperson, Joy’s appearances include the TODAY Show, Good Morning America, CBS Early Show, ABC News, Fox News, National Public Radio, SiriusXM, and others.
During her career, she has been quoted in the Wall Street Journal, TIME, Money, New York Times, U.S. News & World Report, Reuters, Reader’s Digest, Family Circle, Psychology Today, Good Housekeeping, among others. USA TODAY ran a four-part series on Joy’s eldercare programs.
Joy specializes in keynotes for family members and professionals including employers, women’s groups, centers for healthy aging, associations, law firms, financial institutions, alumni associations, senior housing, health care providers, and retreat centers and others.
A seasoned on-camera professional, product endorsements include GoodFeet, Estate Inventory Services, Age Without Borders, Energizer Battery Company, Boomer Living, American Senior’s Housing Association, and a host of other products and services.
With a focus on the mature-market population, Joy serves as a marketing and media consultant to senior housing, HR professionals, attorneys, financial planners, clergy, and other members of the fast-growing eldercare industry.
Joy’s work has taken her to every corner of the world where she has personally interacted with thousands of family members and professionals in the field of aging. She also loves connecting with you on social media.
Wife, mom, grandmother, Cubs fan, Joy was caregiver to her parents, is married to family-law attorney, David V. Schultz, is grandmother of 10, and resides in Chicago.
On Thinking Like a Strategist
“Well, first of all, people don’t know what thinking like a strategist is. So what I like to do is just break open that can of worms by saying critical thinking is really the practice of changing your perspective. If you just continue to think the way you always have, it might just keep you in that little box and nothing will really change in your life. So the idea about thinking critically just breaks that wide open. So here’s how I do it. I talk to people who are very different than me, different cultures, different careers. And I ask them questions that scare me because they will have a whole different idea about things that might pertain to aging. That is quite scary. So I talk to people who are different. I also talk to people who are young and people who are old. And one of my favorite advisors is my eight-year-old granddaughter. And I ask her this question all the time. I say, what would you do if you were me? So that is what I mean by thinking strategically.”
“If you’re going to be a caregiver, the number one rule is to get a financial planner for yourself because the expenses of being a caregiver can be quite emotional. So if we find out that mom or dad is running out of money, most caregivers, because they’re so loving and wonderful, start to dip into their own pockets and they start shelling out money and really jeopardizing their own retirement. So the number one thing that people need to do, if they anticipate being a caregiver, is to get a financial planner. Find out how much money you have, find out what your parents have or the person you’re caring for. And then go from there, do not go into this blindly when it comes to financial planning. As far as I’m concerned, this is one of the most rewarding jobs there is. And I wrote in my first book, it’s a responsibility that is difficult at best, and yet the rewards are priceless. No one comes away from the experience the same as when they started. And as we go to our elders and we listen to them, we may not realize it in the moment, but we will receive riches in return. I honor caregivers every day in my life.”
On Intergenerational Relationships
“People know by the time they reach their later years, that the world is fraught with problems. And that if we back up and we take ourselves out of the picture, then how are we helping the next generations? It’s just really important for us to be a part of the solution and not think that playing golf 24/7 and sitting poolside is the way to go. People regret not staying involved.”
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