Retirement News with Professor Craig

Retirement News with Professor Craig

The Retirement News blog is dedicated to the financial and physical health and well-being of older Americans. 
Whether you're already in or nearing retirement, you will find important, topical information in the blog to help you make informed decisions on your road to retiring more freely.
As a 25-year veteran in the financial services industry and a certified trainer and teacher, Professor Craig's #1 goal is to help you thrive in retirement with financial peace of mind. 

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Caregiver Presenteeism at the Office: You’re There, But is Your Mind Elsewhere?
Retirement News

Caregiver Presenteeism at the Office: You’re There, But is Your Mind Elsewhere?

Most family caregivers are unpaid. You give your time selflessly, doing an emotionally challenging job for your vulnerable loved ones. But to make a living, you may be among the 56% who also work a full-time job, putting your self-care and personal goals on the back burner.

While you’re sitting at work, are you ever mentally checked out, wondering how much insurance will cover for a loved one’s medical procedure, how to pay their out-of-pocket medical bills or what questions to ask their doctor? Or are you simply too burnt out to deal with the to-do list sitting on your desk?

If you’re a working caregiver, you may be dealing with presenteeism on the job — which in a nutshell means you’re physically at work, but your mind is elsewhere.

Achieving a work/life/caregiving balance

If you’re juggling how to care for yourself and a loved one, while being successful at your full-time job, the issue of presenteeism is a reminder of how important it is to find balance.

A recent report revealed that nearly six in 10 caregivers have no time to devote to their mental health amid family responsibilities. A lack of self-care can result in illness, making it harder for you to care for a loved one. Add a full-time job to your challenge, and presenteeism at work can result in loss of hours, missing out on promotions or raises, or losing your position altogether.

Signs of presenteeism at work may include:

  • A sense of complacency
  • Arriving late or leaving early
  • Diminished quality of work
  • Making more frequent/careless mistakes
  • Working while sick to make up for lost time
  • Feeling more tired than usual

The true cost of care

According to Marguerita Cheng, CEO at investment advisory firm Blue Ocean Global Wealth, “Many family caregivers feel pressure to earn an income while providing the best care for their elderly or aging relatives. But while they're present, they’re not engaged at the level they need to be engaged.”

And that’s no surprise, considering that 78% of family caregivers are stressed about paying for care-related expenses — an average out-of-pocket cost of $7,240 per year. If you fall into this category, you’re likely feeling the pressure, and can’t afford your own health, your loved one’s health or your professional life to suffer the consequences.

Says Cheng, “These out-of-pocket costs can add up. But you can use home equity to help your loved ones stay in theirs.”

Help such as in-home care is available to give caregivers a break, but cost can be a barrier. If the person you’re caring for has built up equity in their home, turning that equity into accessible cash can bridge the gap to cover expenses.

Loans such as a reverse mortgage helps older homeowners leverage home equity as a lump sum, monthly payments or even a line of credit that’s there when they need it. Funds can be used for any needs, as long as the homeowner keeps current with loan obligations including taxes, maintenance and insurance on the property.

If they qualify, a reverse mortgage can also help take some of the burden off the primary caregiver by funding expenses such as in-home care and respite care.

To learn more, reach out to the loan specialists at Reverse Mortgage Funding LLC (RMF). We’ll work with you and your family, getting to know your personal needs, before deciding if a reverse mortgage loan is a smart option. Call RMF today at (888) 277-1567 to schedule a free consultation.

This content is sponsored by RMF, one of the nation’s leading reverse mortgage lenders. We are dedicated to helping older Americans live the retirement lifestyles that they imagined and deserve, in the comfort of their own homes. As a result of our commitment to providing an extraordinary and positive customer experience, we have earned a 98% customer satisfaction rating; a 5-star / Excellent score on Trustpilot; 4.5 out of 5 stars on LendingTree; and an A+ rating with the Better Business Bureau. Call (888) 277-1567 to speak with one of our experienced reverse mortgage specialists to learn about our retirement financing products and solutions.

Borrowers who elect a fixed rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable rate mortgages. In certain states, RMF’s EE loan provides a fixed-rate term payment option.

L4892-Exp102023

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A More Flexible Home Equity Loan

If you’re 62 or older, there is a home equity line of credit option that offers greater financial flexibility than a traditional Home Equity Line of Credit (HELOC). It’s called a Home Equity Conversion Mortgage (HECM) line of credit. 
If you have an existing mortgage or home equity loan you could refinance them with a HECM line of credit and get enhanced benefits, including a flexible payment feature and a line of credit that GROWS when left untouched.
As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, and keeping your home in good condition.


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