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Create a Caregiving Plan
Women often bear the brunt of caregiving whether its children or aging parents.
Pay Yourself First
Makeretirement savingsa non-negotiable part of your budget, even while managing caregiving expenses.
Americans over 50 are also eligible for higher contribution limits to retirement accounts.
check that to use catch-up provisions to boost your savings.
Balancing these financial priorities ensures that both caregiving responsibilities and retirement goals are met effectively, Neu said.
Invest In Long-Term or Life Insurance
Nevertheless, life happens despite our best intentions.
It can be tempting to dip into your retirement savings to address immediate caregiving needs dont.
The company specializes in helping people close to retirement, like Gen Xers, plan for their financial future.
I would also encourage people to look into government programs likeMedicaid or state assistance programs, if possible.
you might get tax-advantaged access to this cash value in case of an emergency via loans or withdrawals.
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