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Talk to your family
about the financial
impact of being a
caregiver.
Family Financial Planning
Talk to your siblings and other family members
about the various costs involved in your providing
care to a family member.
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Consider setting up an Individual Retirement
Account (IRA) to replace retirement
savings lost from your employer. For
more information on various types of IRAs
http://www.wiserwomen.org/saving_investing_new.html
Consider asking your family to pay you as an independent contractor for the
care
you are providing. If you are
paid, you can set up a small employer type pension
plan like a Simplified Employee Pension (SEP), explained in WISER’s Fact
Sheet
on Small Employer Pension Plans -- http://www.wiserwomen.org/pensions.html
If you are caring for someone who is a widow or widower, review the
information
in WISER’s Special Report on Divorce and Widowhood --
http://www.wiserwomen.org/divorce_detail.html
Consider the possibility of purchasing Long-Term Care insurance for
yourself,
which can give you more choices when you face healthcare decisions in your
own retirement. See WISER’s fact sheet on Long-Term Care Insurance
at
http://www.wiserwomen.org/longterm_care.html
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