Weekend Reading: Caring For Aging Parents Edition

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Your parents took care of you – they put a roof over your head, fed and clothed you, and taught you the things that made you the person you are today. It’s difficult to imagine that one day the people who have always been there, strong and vital, may no longer be able to climb the stairs, drive a car, or even feed themselves.

Despite the prevalence of caregiving in Canada, few people think about it or prepare ahead for the emotional and financial commitment involved in taking care of an aging parent. A little bit of planning can help reduce some of the difficult practical, emotional and financial implications and allow you and your aging parent to thrive rather than just survive the experience.

Here are some options to consider:

  1. Planning for long term care
    Many people assume that long-term care is provided in nursing homes, when actually 92% of older people in Canada live in their own home or a family member’s home There are many options for home and supervisory care, as well as day programs for older adults needing assistance. These programs and others can be an enormous help for family caregivers juggling multiple roles.
  2. Renovating your home
    You may consider renovating your home to create a safer living environment for your aging parent. There are many online home safety checklists available that you can use to assess what changes need to be made.
  3. Managing your finances
    Carefully managing your finances is an important part of ensuring the costs of caregiving do not derail your own financial future. The first step is to know your total monthly expenses. There are also several sources of financial support that may be available to you.

Download this article and you’ll learn about caregiving options, one Government tax relief option and more!

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This Week’s Recap:

On Monday I shared 12 tips to help you save money on car insurance.

On Wednesday Marie offered some suggestions on what to do with a windfall.

And on Friday Marie looked at today’s retirement reality and notes that despite the bleak headlines most retirees seem satisfied with their lifestyles.

My debut post over at Rate Hub looked at credit card options for frequent cross-border shoppers and travellers.

*Reminder: This free $100 gift card offer is still available for a limited time. Sign up for the Scotia Momentum Visa Infinite card or Scotiabank Gold American Express card and get a $100 gift card from Amazon.ca, Starbucks, Best Buy, or The Ultimate Dining Card.

Weekend Reading:

Despite running one of the most corrupt organizations in the world, Bond villain Sepp Blatter was somehow elected to a fifth term as FIFA president this week.

Ready to retire without a plan? You’re not alone.

Rob Carrick argues that CPP expansion would be a big win for investors who have a hard time deciding how to invest their money.

Adam Mayers explains why the Finance Minister is not really proposing a better CPP – it’s politics, not policy.

In this video, Preet Banerjee explains how recent changes to TFSA contribution limits affect younger Canadians:

Is it worth driving for Uber to make some money on the side? Martin Dasko shares his adventure as an Uber driver.

A look at this family’s downsizing strategy to try and live within their means while raising a family in Ontario.

The Canadian Couch Potato blog offers a look at how bad data leads to poor investment decisions.

Michael James is looking for new ways to explain investing fees to novice investors.

Ben Carlson explains the role of luck in your portfolio.

A success story about using Twitter for customer service help – which I’ve found works best with banks, cable, and internet providers.

Million Dollar Journey shares some tips on how to accumulate serious Air Mile points.

Our Big Fat Wallet wrote an open letter to Air Miles about why he gave up on the loyalty program.

And finally, Young and Thrifty compares dividend investing to index investing.

Have a great weekend, everyone!

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  1. Dan @ Our Big Fat Wallet on May 30, 2015 at 8:18 am

    Thanks for the mention Robb, always appreciated. With Mark having some luck using twitter for customer service maybe I should reach out to Air Miles via twitter (again) as I haven’t heard back yet. When it comes to rewards nothing is as simple as cash back

  2. Michael James on May 30, 2015 at 8:52 am

    I’m always looking for new ways to explain investing to novices and even those who think they already know. Thanks for the mention.

  3. My Own Advisor on May 30, 2015 at 12:50 pm

    Thanks for sharing my story Robb! Have a great weekend.

  4. Sean Cooper, Financial Journalist on May 30, 2015 at 8:53 pm

    Rob Carrick’s article on CPP expansion is a must read. While I’m in favour of CPP expansion, I prefer mandatory over voluntary. If people aren’t willing to save right now with RRSPs and TFSAs, I don’t see how voluntary CPP will change that.

  5. Martin on May 31, 2015 at 11:17 am

    Thanks for the mention!

  6. Richard on May 31, 2015 at 3:31 pm

    A voluntary CPP expansion has the potential to provide higher returns. Right now, young workers who are paying for the CPP have their payments split. Part of it goes to pay for benefits for those who did not make full contributions because the policies were different at the time, and the rest is invested to pay for that worker’s future benefits.

    So all the contributions now have a drag, and any expansion that led to a rise in benefits in the near future would increase this effect. Because of this I estimate that I can do better investing on my own than I would by making regular CPP contributions (assuming low fees, good management throughout my life, and the right investments).

    A voluntary addition could bypass this. If additional contributions created additional benefits for that person only, they could get more than they do on the mandatory contributions. That might make it very competitive with the investment industry.

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