Help for Participants Who Take Financial Caregiver Role

With over 5 million Americans suffering from Alzheimer’s disease—a number some predict will triple by mid-century—a plan sponsor is almost sure to have participants whose lives and finances are, in some way, affected.

To address the challenges of financial planning under these tough circumstances, Transamerica, in partnership with Massachusetts Institute of Technology AgeLab, published a free book to help those who handle the finances of someone with dementia.

In “The Caregiver’s Guide to Financial Planning in the Shadow of Dementia,” the team explains what actions to take during the three stages of decline, including how to create an initial financial plan; the leading symptoms of caregiver stress and how to manage them; and the important topics to discuss when creating and managing a loved one’s financial plan, including sections on how to ask the right questions of financial advisers.

Information covered could also be useful to participants in the early stage of dementia themselves.

“The guide explains financial concepts that caregivers should understand, and it helps prepare them for the critical conversations they must have with their loved one’s financial adviser,” says Dave Paulsen, president, Transamerica Distributors.

The Transamerica companies are providers of life insurance, savings and retirement and investment solutions, serving customers throughout the U.S. The MIT AgeLab is a multidisciplinary research program that works with business, government and nongovernmental organizations to improve the quality of life of older people and those who care for them.

“The Caregiver’s Guide to Financial Planning in the Shadow of Dementia” can be found here.