I am currently the primary caregiver for my Mom, age 86 with end stage dementia. I have been thinking toward the future and my concerns grow. When I leave my Mom, I have a house of my own which I still owe $40,000 on. It needs work and since I haven't been working for the past two years, I don't know what I my financial future looks like. I am currently 61 years old who has blown through my savings after quitting work to take care of my Mom. I will have a small amount of financial support from my brother until I get my life back together. I do have an IRA but certainly not enough. I don't know whether to try and go back to work at 61 or retire at 62 and work as well. Basically, I am terrified. My car is getting quite old and needs repairs. This is absolutely overwhelming to me. Is anyone having a similar experience and what would be your advice?
Get real, being a CNA involves a lot of lifting, and you need physical strength, even if she could do that, she would be facing age discrimination, and just because you took care of your parent doesn't mean you want to do that for strangers. Most caregivers when they're done with their own family are burnt out both physically, mentally and emotionally.
Looking for some type of work is a good idea, but spending money to get training for a job like CNA wouldn't be wise at 61.
Whiska brought up some good points. Why does the brother have the mother's house. Is he living there?
One of these houses should be sold. OP, do you really need a whole house like that? You could sell your house and downsize into a small condo, that would give you some money to back you up.
I'm almost 72 and seeing after my mom of 89! I'm an only child though!
If your mom did own her home then I'd suggest to your brother that you deserve half of it! After all you gave up your life to care for your mother!
Make a list of your skills and take it to the employment department (aka unemployment office) or a community college to see what kind of work you may be suited for and what kind of work you might enjoy. Practice your keyboarding skills by listening to music or news and typing along. Good luck.
Now it needs to be done via a personal services contract - you never know IF mom could have to go onto Medicaid and her paying you unless all above board will be an issue. Mom pays you, you file taxes & FICA taken out so builds your SS kitty too. Needs to be done by attorney but mom pays for that - what you'd be paid is based on community standards. Good elder law will know what that is.Hospice - you never know - my mom is into her 2nd year on hospice in a NH.
Good about your house. BCBS? did you look into ACA - if your low income it should be super low for your direct costs.
You have ton of geriatric experience and at the right age for other families to relate to. I'd ask the RN with the hospice group (not the aides) what type they hire for administrative & intake with families. You'd be totally good in doing that, I'd bet.
Be sure to take time for yourself in all this too.
? on the houses? you have your own home with 40K mortgage outstanding? right?
Are you underwater on your house? Any idea on it's sale-ability?
Is there also mom's house to deal with? If so, does she own it outright? & what happens to it after mom dies? If you have been her caregiver for 2+ years, & mom has been on Medicaid (any Medicaid not just NH Medicaid), there are a couple of things to do now to make the house be not an issue for Medicaid after mom dies.
Go onto SSA and see what the payout would be at 62, @ 65 and then 68. The differences are very real, but if you have been a somewhat lower wage worker, getting it at 62 and you are able to work may balance it out.
You know you can get it earlier and repay it and get it "restarted" at the higher later on - this is done all the time as an investment strategy. If you realistically could get a job that enables you to do this, it is a most excellent technique although you HAVE TO SAVE. I think you have to watch the "earnings cap" till you turn 66, after 66 you can make as much as you can. Perhaps someone can expand on just how to make this work.
you know you do have a whole new skill set to be a geriatric case manager.
If at all possible try not to take your Social Security at 62, wait for as long as you can if your health is good... the more years you wait the higher the Social Security monthly check will be. Don't forget, at 65 you sign up for Medicare. If you are taking Social Security at 65, your Medicare monthly premium will be taken out of that check automatically.
Old cars are just fine... my vehicle is 19 years old and is far cheaper to maintain then a newer one that need monthly car payments. But it depends on what repairs you need. Change that oil on a regular basis :) Find a good independent mechanic.