There are few things — if any! — more precious in life than spending time with loved ones. Caregiving responsibilities are demanding, and rarely respect anything that resembles a 40-hour workweek. That means clients who need to take time to care for an aging parent, the newest addition to the family, or any other host of reasons, face big questions about retirement readiness, income interruptions, and healthcare costs, as well as down-the-road factors like return-to-work plans and estate preparation. 

At Journey Strategic Wealth, we’ve helped clients navigate even the most unforeseen circumstances. Our comprehensive financial advice accounts for the twists and turns of life, so that you can spend time on the relationships that matter most. 

Caregivers face dynamic financial situations that require special attention from advisors. Here’s how we help this unique group of clients. 

Caring For Others, Caring For You

Whether they’re planned well in advance or emerge suddenly, we support our clients’ caregiving efforts with all of the tools at our disposal. One of the first things we do with any client facing a potential caregiving scenario is to schedule a meeting. We’ll need to discuss budgeting, any evolving financial goals and plans, and how we may need to adjust investments to provide peace of mind. We always want to be able to provide a reassuring answer to your most important question: “Will I be OK?” 

Naturally, every caregiving situation we’ve encountered is different, but themes do emerge. Each scenario requires careful listening and thoughtful action. Women face a particularly challenging set of circumstances. Some 60% of caregivers are women, and about 90% of caregivers are also financial caregivers (they provide financial support or manage financial matters for their loved ones). All of that adds up to significant responsibility and high expectations, especially considering that women, on average, have 30% less retirement income than men.  

Veteran family caregivers also face circumstances that are different from their civilian counterparts. Compared to civilians, Americans who have served in the armed forces (including some of our Richmond-area clients) spend 1.5 times more of their personal income on out-of-pocket costs in caring for their loved ones. 

Regardless of your caregiving situation, our top priorities are reassurance and worry-free financial advice. We want you to maximize the time you’re spending with your loved ones. 

When We Say Comprehensive, We Really Mean It

Sometimes, we have to make adjustments based on the results of our conversations about caregiving. Sometimes we don’t. But getting that first meeting in place is crucial for decoding the larger picture. 

That’s because our comprehensive financial advice includes a closer look at topics like retirement readiness and meeting other financial goals, as well as not-so-obvious adjustments. Those include decision-making around healthcare and insurance, weighing tax savings opportunities, evaluating possible impacts on your estate, and what steps to consider in transitioning back to work. 

Examples of our Comprehensive Advice

Retirement: Not all caregiving scenarios are created equal, which is why we evaluate the impact of caregiving on long-term goals. Depending on the expected length of caregiving responsibilities and where it fits into your own financial timeline, we can implement a number of strategies to mitigate any potential setbacks to your long-term financial security.  

Tax Savings Opportunities: Silver linings exist in almost every financial twist and turn. Leaving the workforce for an extended period can unlock potential tax efficiencies that we can take advantage of, including Roth conversions and other strategies for sheltering assets from taxes. 

Healthcare: We firmly believe that spending time with loved ones shouldn’t come at the cost of risking one’s own financial security. That’s why we’ll help you consider the healthcare coverage available to you if you’re leaving the workforce. We’ll also work with our “village” of financial optimizers to evaluate a need for additional insurance coverage to protect you, your family, and your assets.

Estate Planning: Changes in financial situations are a prime chance to update (or create) estate plans and review beneficiary designations. You have enough going on with looking out for others; we want to help you look out for yourself, too. 

Re-Entering the Workforce: Whether you decide to re-enter the workforce after your caregiving responsibilities decrease or not, you’ll be facing a new hiring landscape and will have new skills to bring to the table. We work with you to help you maximize your potential and turn this chapter of your life into something that’s full of possibilities. 

In Your Corner From The Start

As advisors, maximizing time spent with loved ones is one of the most important outcomes that we can facilitate. We have the expertise and experience to recognize, create, and execute solutions, helping manage even the most difficult of caregiving situations. We’ll take care of you so that you can care for others.

At Journey, we know that the most precious moments we have are the ones we share with others. We’re stewards of not only wealth but also your time and energy. That’s why we’re committed to caregivers, utilizing a collaborative, multi-discipline approach to financial well-being. If you’re wondering how taking on new caregiving responsibilities will affect your financial timeline or you’d like to learn a little more about our services, book a call with our team today.