It’s not easy being a caregiver for a sick or elderly parent or relative. Nor is it cheap.
Family caregivers provide an estimated $470 billion worth of free care to loved ones, according to the Wall Street Journal, and spend an average 26% of their personal income on caregiving expenses.
A third of caregivers use their own personal savings to pay the bills. Twelve percent take out loans or borrow from others.
It’s such a financially perilous situation that AARP’s own caregiving expert, Amy Goyer, filed for bankruptcy protection in 2019 as a result of attending to the needs of her ailing parents.
She simply ran out of cash after more than a decade looking after her mother, who had a stroke, and her father, who had Alzheimer’s.

Family caregivers, long the backbone of the country’s long-term care system, are increasingly tapping public and private resources to get paid for caring for loved ones.
 
During the pandemic, Sheila D. Johnson, 55 years old, of Richmond, Va., couldn’t get skilled nurses to help with her brother, Kevin McCain, who is paralyzed and lives with her. She had to quit her job to take care of him.
 
“I still needed to work and have income so I decided I might as well try to get paid,” says Ms. Johnson, who began researching and found a Medicaid program that would allow her to earn income for providing care.

September 30, 2022 | 5:30 AM - 7:00 AM PST  | Online
 
Caring for a family member or friend with dementia can be financially challenging. There is a range of financial support available, but getting to grips with the system can be tricky.
 
This session explores the range of carers’ rights and benefits and the types of assessments and support available.
 
The various benefits will be described, and there will be an opportunity to reflect and apply this to your own situation.
 
This session is for you if you would like to …

• Gain a better understanding of the rights and benefits available to you and the person you care for
• Spend time with experienced healthcare professionals who will answer your questions in a safe, supportive environment
• Meet other people who are taking care of a friend or family member with dementia in a similar situation

 
To register, click the button below.

The guide walks through four steps to fighting elder financial abuse: prevent, recognize, record, and report. It lists red flags to watch for, shares some common scenarios, and includes resources you can use to help your loved one.
Click below to download the new Spanish version or the English version of the guide for free.

Consumer Financial Protection Bureau 

Rachel Nagler, 39, has worked part time since she was 22, but she will never be financially independent, according to her father. She is legally blind with a seizure disorder and mild cognitive impairment, the result of birth trauma.
For her parents, Sam and Debra Nagler of Concord, Mass., planning for retirement required them to focus on Rachel's future as well as their own. 

July 26, 2022 | 9:00 AM - 10:00 AM PST | Online
 
Join the Benjamin Rose Institute on Aging for an informative webinar discussing how older adults and people with disabilities can protect their assets against financial exploitation. Information will include how to properly draft powers of attorney, the use of trusts in legal planning, and the rules and guidelines of Medicaid.
 
To register for this event, click the button below.