Memory loss, especially in later life, can be expensive to manage. Learn how pensions and IRAs can help cover the costs associated with memory loss treatment and support.
Caring for a senior with memory loss often requires significant financial resources. Memory care facilities, medical treatments, and home modifications can quickly add up. Pensions and IRAs are crucial sources of income to help cover these costs, allowing seniors to access necessary care without depleting their savings. By carefully managing withdrawals from these accounts, families can help ensure that funds last for the long-term care needs of the senior. However, because memory loss can affect an individual’s ability to manage finances, it’s important for family members to step in and help oversee these financial resources. Setting up a power of attorney or a trust can allow a designated person to manage the pension or IRA withdrawals and make financial decisions that benefit the individual with memory loss. With proper planning, pensions and IRAs can help reduce the financial burden of memory loss care.