RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

6 Financial Planning Tips for Younger Caregivers

July 22, 2015 1:18 am

Like the rest of the world, the United States’ population is aging. According to the U.S. Census, it is becoming much more common for younger people to take on the role of caregiver – and to invest significant amounts of their own money toward the care of their loved ones, often at the expense of their own financial futures, a recent MassMutual study reports.

“We often refer to the baby boomers as the sandwich generation, but Gen Y and X could be called the ‘club sandwich’ generation,” says MassMutual SpecialCare(SM) Program Director Joanne Gruszkos. “These younger adults are not only trying to get their own lives off to a sound start, perhaps starting a family, while often caring for siblings with disabilities or in some cases, spouses who are injured or disabled veterans, and anticipating caring for an aging parent in the future.”

Whether or not financial support is provided, caregiving requires time away from work that could impact the ability to earn a living. Study respondents who identified themselves as being caregivers indicated they have less time for themselves (47 percent), an increased stress or anxiety level (36 percent) and poor sleep (35 percent). Close to 20 percent of caregivers indicated a financial impact and half say their future financial and/or retirement plans are being impacted.

This outcome can be avoided with advanced planning, says MassMutual. The first step is to have an honest conversation with your family members about their own health care wishes and the plans they may have in place to carry them out. Will they be able to fund their long-term care, or will they rely on you? Having this conversation before being called upon will allow for time to put plans into place.

The next step is to get the information needed to plan. Seek trusted advisors who have special needs experience to guide you through important financial decisions. Identify the person who will care for your loved one and draft a letter of intent that will serve as a guide for that person to provide care, support and other assistance.

Plan ahead for expenses such as housing, education, work opportunities and daily transportation when determining your loved one’s lifetime financial needs. Research federal benefits provided to families affected by special needs. You may qualify.

Lastly, make sure you have beneficiary arrangements and a current will that align with your other planning strategies.

Source: MassMutual

Published with permission from RISMedia.


Tags:

How to Prevent Flooding from an Appliance Failure

July 22, 2015 1:18 am

According to Roto-Rooter Plumbing and Drain Service experts, accidental flooding in the home is typically caused by an appliance or plumbing failure, not the weather. If flooding occurs when no one is home – or worse, when occupants are on vacation – the results can be catastrophic. Most incidents can easily cost the average homeowner more than $5,000 in repairs!

To prevent accidental flooding caused by appliance or plumbing failure, conduct a thorough inspection of the:

Basement Sump Pump
– Once a month, ensure the sump pump is free of debris and discharging water properly. To test the system, pour a few buckets of water into your sump pit. In a matter of seconds, the pump should discharge the water and shut off by itself. If your sump pump operates frequently, consider installing a battery back-up that will operate in the event of a power outage.

Washing Machine Hose – Many homeowners leave washing machine water supply lines turned on, so if a hose bursts, water can discharge at up to 500 gallons per hour. If you’re machine hoses are more than five years old, replace them with stronger, steel-braided hoses, which last twice as long.

Ice Maker Water Line
– Ice maker water lines usually fail because the refrigerator was moved and the line was pinched. Vibration can also damage a water line over time. Inspect lines once a year to ensure the water line is unobstructed. Additionally, consider replacing plastic or copper lines with steel-braided lines, which cost about $10.

Dishwasher Water Supply Line – A dishwasher’s water supply line usually leads from your kitchen sink’s supply faucets beneath the sink. The dishwasher drain hose also runs between the appliance and the sink or disposal. Inspect the line twice a year for signs of wear and tear or evidence of a leak.

Water Heater
– Whether failing slowly or suddenly, water heaters are known to rupture. Inspect the tank and all plumbing fittings twice a year, keeping in mind that life expectancy averages 11 years. Check on your water heater more often if it is more than eight years old.

After inspecting, place battery-operated flood alarms (which retail for about $15 each) on the floor near each of these appliances. If water is present, the alarm will sound and allow you time to act sooner. Automatic shut-off valves with their own audible alarms (which retail for about $100 each) can also save thousands in flood cleanup costs. For the best outcome, have a plumber install valves produced by the appliance manufacturer.

Source: Roto-Rooter

Published with permission from RISMedia.


Tags: