Creating a Budget and Planning for Retirement
Caregiving can take a toll on your finances. Setting up and managing a budget is critical if you want to ensure that your caregiving expenses do not become overwhelming and that you have enough to save for your future. One of the ways saving can become easier is by forming a caregiving budget. Review these links to help you learn how to take care of your loved one while you continue to save for your retirement.
Caregiving and Retirement Planning: What Happens to Family Caregivers Who Leave the Workforce - Family Caregiver Alliance
Planning for retirement doesn't have to go on hold because you are a caregiver. This booklet lists ways to prepare for life after work.
It's Never Too Late to Save - Choosetosave.org
Made more challenging by caregiving, saving and investing your money becomes even more essential. This booklet has some basic advice on the importance of saving.
The Magic of Compounding - Choosetosave.org
The earlier you start saving, the better. Follow this link to see how much more money you can accumulate by saving now.
How to Save for Your Future - Choosetosave.org
This detailed brochure from Choose to Save has information on where and how to start when you are thinking about retirement.
Financial Steps for Caregivers - What You Need to Know about Money and Retirement - Administration on Aging
Learn more about how to create and follow a budget here. Also read how caregiving may create difficulties with your job and what you can do about it. There is also information on how to discuss financial planning with your family.
Budgeting 101 - Strength for Caring
Creating a budget will help you manage the financial strain of caregiving. These sites have tips for setting up a budget and lowering debt.
Fact Sheet: California Long-Term Care Tax Credit
Some caregivers in California are eligible for a tax credit specifically for caregivers. Click here for eligibility requirements and limitations.
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