Siblings Paying Siblings to Care for Elderly Parents?
If you quit work to care for an elderly parent, you’re losing out not just on daily income but on retirement savings and Social Security contributions. But what if you could get paid for that caregiving?
We’ve talked about having your parent pay you, but a Reuters article suggests another idea in case your parents’ finances are limited:
If Mom cannot pay you, is there a chance your other siblings could? If you are relieving them of a burden, it makes sense for them to at least kick in money to make your life easier or help feed your retirement savings.
Either way, there are lots of details to consider when taking on the role of paid caregiver, and you might not be able (or allowed) to get the salary you’re used to. If you’re considering this path, be sure to read “How to Get Paid to Care for Your Elderly Parents,” an OurParents article, for some important tips. The Reuters article also goes over lots of other things to think about before quitting your job.
Leigh Ann Otte is a freelance writer who specializes in health and aging issues. She covers finding and paying for senior care for OurParents. If you have any questions about this post or need help finding senior-care options for a loved one, call 1-866-483-4896 to speak with a care advisor in your area.