Caregiving is a costly business. Professional care can be prohibitively expensive, but providing care yourself can preclude you from working. It’s an understandable instinct to want to look after family members, but doing so can affect your financial security. It’s important, therefore, to understand the implications before committing to a course of action.
Nicky, 55, is in this situation. She is considering bringing her retirement forward to 60 so that she can look after her elderly parents, who live abroad. However, she is unsure whether this puts her retirement income goal of £36,000 a year in jeopardy.
“I am worried about what my current situation allows. I would like a little bit of direction and guidance on my current path and whether it is realistically possible to retire in five years or sooner,” she says.