Balancing work and caring for ageing parents

For many people, caring for an ageing parent doesn’t begin with a major decision.

It starts with small things.

Driving Mum to an appointment. Helping Dad understand some paperwork. Picking up groceries. Making a few extra phone calls. Checking in more often.

Then, gradually, those small things become a bigger part of everyday life.

At the same time, work continues. Children may still need support. Bills need paying. Plans for the future don’t disappear.

For many families, caring for an ageing parent becomes another significant responsibility to manage - often without much warning or preparation.

When helping becomes caring

It isn’t always easy to recognise when you’ve become a caregiver.

You may simply think of yourself as helping Mum or Dad.

But that help can begin to involve coordinating appointments, researching services, dealing with paperwork, organising support at home and making increasingly complex decisions.

There is also the emotional side.

Watching a parent become less independent can be difficult. Family roles begin to shift. Someone who has always looked after you may increasingly rely on you for guidance and support.

And because ageing doesn’t follow a neat timetable, these responsibilities often need to be managed alongside everything else happening in your life.

Caring can affect more than your time

One of the less obvious effects of caregiving is the way it can begin to influence other areas of life.

You might use annual leave to attend appointments.

You might reduce your working hours or reconsider taking on additional responsibilities at work.

You may begin paying for small expenses on behalf of a parent or need to understand how their finances, home and care arrangements fit together.

Over time, some of these decisions can affect your own financial position too - particularly if caring responsibilities change your income or how much you are able to work.

It’s one reason caregiving can be worth discussing as part of your broader financial circumstances, rather than treating it purely as a private family matter.

Balancing work and caring for ageing parents care & co match

Retirement villages

These are designed as an alternative housing option for people over 55. They generally suit people who want to maintain a level of independence and enjoy the company of others in a community setting, but may prefer a level of security and support. Retirement villages are generally privately owned (they do not receive government funding) and often includes facilities such as:

  • onsite management
  • communal dining facilities
  • organised social activities
  • gyms, swimming pools and bowling greens.

Some villages have aged care facilities within the complex, which are regulated by government rules, and may be an easier transition when they need more help.

Aged care homes (residential care)

These homes may be suitable for people who are no longer able to live independently. Aged care homes provide help with day-to-day activities and health care. They can also provide a welcome source of company for some people. But your parents don’t have to live in an aged care home permanently—there is always the option for shorter stays. For example, an aged care home may be suitable for someone recovering from an illness, who can return home once they have recovered. Aged care homes are different to retirement villages that are independent private facilities typically without aged care support services. Aged care homes are owned by people who have been approved by the government to provide aged care. Anyone who would like to live in a residential aged care home will have to meet with a member of an Aged Care Assessment Team, who will help them work out the types of care and services they need. Your parents can have this assessment done in their own home if they wish.

Sydney West Financial Services and Strategic Wealth Financial Services are Financial Advisers that provide quality, personalised advice.

Contact us today.