07/14/2026
Four Things Caregivers Have Taught me as a Wealth Advisor
I’ve witnessed firsthand how becoming a caregiver can drain someone emotionally, physically, and financially. If you’ve ever acted as caregiver for an aging loved one… I’m sure some of this may resonate.
Here are four lessons I’ve learned.
1. Retirement expenses don’t always go down.
Many people in their 50s, 60s and even 70s make retirement assumptions based on the lifestyle they have today.
But few have considered what life may cost if they eventually need help in their later years.
Home care can range anywhere from $4,000-$8,000 per month, while assisted living or long-term care can also become a significant ongoing expense depending on your needs.
For example, if a couple each requires care averaging $5,000 per month, that’s $10,000 per month combined. Over eight years, that’s nearly $1 million.
The biggest financial risk in retirement isn’t always market volatility. Sometimes it’s living long enough to need care.
2. Your home may need to fund your retirement.
Many parents hope to leave their home to their children.
It’s a wonderful goal. But your home is often one of the largest tax-free assets you’ll ever own.
If preserving the house means sacrificing your own quality of life or limiting your ability to pay for the care you need, it’s worth asking a difficult question:
Are you planning your children’s inheritance before you’ve planned for your own retirement?
Sometimes using the equity you’ve spent decades building is exactly what it’s there for.
3. Think carefully about who you’ve named as your Power of Attorney.
One of the most common things I see is people naming a sibling who is almost exactly the same age.
It makes sense today.
But when you’re 86, your brother or sister may also be in their 80s, navigating their own health challenges, caregiving responsibilities, or cognitive decline.
A Power of Attorney should be someone who is likely to have the capacity, availability, and willingness to step in when you need them most.
That’s why I encourage clients to consider whether a younger family member or another trusted person may be a more practical choice.
4. Your retirement is ultimately your responsibility.
One conversation I had with a client has stayed with me.
They’ve told me they’re saddened that their children don’t live in the same country. They know we won’t be there to help them every day as they age, so they’re intentionally making other plans.
It made me wonder…
If they did live nearby, would they have had an honest conversation about what they wanted? Or would there simply have been an unspoken assumption that one of them would become the primary caregiver?
The reality is that many adult children are balancing careers, raising children, managing their own finances, and sometimes caring for multiple generations at once.
Wanting to help is not the same as having the capacity to provide full-time care.
One of the greatest gifts parents can give their children is a retirement plan that creates options.
That doesn’t mean your children won’t be involved. It means any care they provide comes from love and choice, not because there was no plan.
Financial planning isn’t just about making sure you don’t run out of money.
These are the conversations I have with clients every day.
- Will I have enough?
- What happens if one of needs care?
- Can we afford to stay in our home?
- Who will look after us?
- Who will be able to make decisions for me?
- What if I don’t want my children to act?
- my situation is complex - I don’t know what to do?
If these are questions you’ve been asking yourself… I’d love to help you work through them.
Often there is a financial strategy that we can use to unknot the dynamics of your life, and I’ll be right there with you to implement them.
