Taking time off work to take care of family is becoming more and more common. It can take its toll on your emotional well-being, cause personal health issues and have significant negative financial implications. This may affect career goals, income levels, reduce savings and mean lost benefits which can be overwhelming to think about.
Simply avoiding the subject does not make it go away. Not thinking about it, and therefore not planning for it, can lead to dire consequences. Whether it is aging, an injury, or an illness, unexpected events do happen that are expensive and disruptive.
This is why planning early is so important. Here are some top tips from financial expert Neela White of Rennie White Asset Management at Raymond James Ltd. on being prepared to be a caregiver.
To make your own Carry in Tote, use Neela's free, downloadable template!
For more great tips on preparing to be a caregiver, watch Neela and Sybil’s full discussion coming soon to our YouTube channel!
Neela White is a Financial Advisor with Raymond James Ltd. The views of the author do not necessarily reflect those of Raymond James. This article is for information only. Raymond James Ltd. - member of Canadian Investor Protection Fund.