There can be many reasons why we choose to take a break from our career. Some of them are positive, such as for travel, raising a family or even retraining for another career. Others can be a little bit more unexpected, you may need to to care for a loved one, like parents or a spouse. We highlight some of the steps you can take to help finance this type of career break.
Financing to care for a loved one
Firstly, take an honest look at your budget. Look at your finances now and project what you’re going to need when you’re away from work. How much can you afford to save now, and how much is it going to cost you when you are out of work?
When you are having to take a break from your career to care for a loved one, a spouse, or a parent, it’s important to look into the state benefits that are available to you. This can include Carer’s Allowance and Attendance Allowance.
If the person you’re looking after is of a working age, it is wise to look into whether they have income protection to help support the costs. On that note, it’s always a good idea to think about your own income protection needs as well if you ever need to take time out for long-term illness.
It’s important to do some research around carer costs if you are looking after elderly parents and are in need of further support. Depending on the level of care needed, these costs can vary hugely.
Caring for a sick spouse or parent can be hugely consuming, and can cost you your own health and time as well as money. Always remember, just because you’re caring for someone, don’t forget to take care of yourself as well.
Speaking with a financial planner to assist you with managing this time can be hugely beneficial, as they can help tailor the advice to your specific needs.
If you need to speak to a financial planner about financing a career break, please contact us.