How do caregivers and the veterans for whom they care plan for retirement?
To obtain financial security during retirement, start planning now. The most powerful factor is time. Starting to invest now for retirement offers two essential tools for accumulating the most assets possible: compound interest and long-term growth potential.

Why start now?

  • The sooner you begin, the more money you might be able to accumulate.
  • You do not know how long retirement will be. With longer life expectancies, you could need enough savings to last 20 years or more.

If you are a caregiver, you will not be able to use the caregiver stipend as earned income for the purposes of contributing to traditional types of retirement accounts, unless in addition to being a caregiver, you currently are employed or were employed at some time during the year. If this is the case, you might have access to an employer’s retirement plan and/or be eligible to contribute to an Individual Retirement Account (IRA). If you do not have earned income, consider saving in a deferred annuity and or a taxable account.

What is earned income?
According to the IRS, earned income includes all the taxable income and wages you get from working or from certain disability payments. For more information, visit the IRS website.

Why would I consider obtaining professional assistance in planning for retirement?
You might want to consider working with a Certified Financial Planner (CFP®) if:

  • you want to improve your overall financial situation but do not know where to start;
  • you would like a professional to evaluate your existing financial plan;
  • you need financial advice on investment strategies, risk management, or estate-planning strategies;
  • you need financial advice that addresses changing family circumstances;
  • you have experienced a significant life event;
  • you do not have time to build your own financial plan; or
  • you need help balancing multiple goals and limited financial resources such as retirement planning.

How do I select the right financial planner?
Ask questions.

  • Ask people you respect for names of financial planning professionals with whom they have worked.
  • Ask about the financial planner’s background, work experience, and fee structure.
  • Ask the planner as many questions as you need to understand and feel in control of your financial future.

Certified Financial Planner Board of Standards, Inc., owns the certification marks CFP® and Certified Financial Planner in the U.S., which it awards to individuals who successfully complete CFP board’s initial and ongoing certification requirements.

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