Can mothers of disabled children retire?
Today is Mother’s Day and an opportune time to place the spotlight on mothers of children living with disabilities. I was deeply moved by a discussion with a mother who contemplated retiring early so she could “spend more time” with her 30-year-old autistic son.
She is a pre-retiree who has contributed to a pension plan for many years and anticipates a hefty lump sum payout and a “liveable monthly pension”. Her financial goals include investing for the long term to supplement her pension income, as she knows that inflation reduces the purchasing power of money.
Her decision to seek financial advice is quite apt. Is it wise to retire early? Will she outlive her money? These are questions that must be considered when planning for retirement. Retiring early extends the number of years she may spend in retirement. Should she give up years of income or patiently wait until age 65 to build a substantial retirement nest egg? The pros and cons must be weighed, and the benefits of retiring early should outweigh the need to continue working.
I asked her what would happen to her son if she died early. She was quite optimistic that his siblings would care for him. Having a closely knit family helps parents of children living with disabilities.
Retirement for this adult parent means enjoying and living a purposeful life in caring for her son. It’s a stage of life that she looks forward to. Finally, the decades of working and saving for retirement would be over, and allow her the freedom to continue the bond with her son.
Disabled children are known as children with special needs, but the caring mothers of these children are indeed a special breed. Caring for disabled children is a long-term job. There is no retirement from special care.
The abilities and needs of autistic children vary. Some can live independently, while the extreme disabilities of others require long-term care and assistance. A World Health Organization (WHO) report revealed that one in 100 children has autism. The WHO mental health action plan 2013-2030 urges countries to increase monitoring and research as well as tackle the gaps in early diagnosis, therapy, and the rehabilitation of neurological disorders such as autism.
Additionally, countries are asked to address the “social, economic, and educational needs” of persons (with mental health issues and neurological disorders) and their households. I believe that in Jamaica there are autistic children who are not diagnosed, which can result in further emotional stress and disruptions within the home, at school, and the society.
Caring for children with physical or mental disabilities can be a lifelong and costly endeavour for their parents. Some find it difficult to save for retirement while caring for their children. Delayed retirement or returning to the workforce are options that apply to some parents who have not saved enough for retirement and are responsible for the care and long-term financial support of their adult disabled children.
One study indicated that non-medical costs outweigh the medical costs of caring for autistic children, and parents will spend more money during the adult years than the childhood years. It’s, therefore, important for parents of children living with disabilities to start retirement planning early, since income will be needed in retirement to provide for themselves and their special needs adult children, because some of these children will be unemployable.
I interviewed the mother of a 25-year-old special needs child last week. She expressed confidence that if she predeceased her daughter, there would be undeniable support from her family in ensuring that all needs are met. Family inclusion is important.
In some countries, like the USA and Canada, parents can purchase survivorship insurance, also known as “second-to-die life insurance” policy. The special insurance plan provides coverage for two people, and the death benefit is paid out to the beneficiaries only after the second person dies. This policy is ideal for parents of children living with disabilities, as it assists in providing lifelong financial security for the children after the death of both parents.
Some single mothers have the ordeal of shouldering all the responsibilities of caring for their children who are living with disabilities. Due to care-giving expenses, some mothers have little or no savings. There is also the challenge of job security, as it can prove difficult to stay employed because of care-giving responsibilities.
There are also mothers who work on a part-time basis to balance their care-giving responsibilities. In some instances, mothers are forced to retire early to facilitate the care of their special needs children due to the prohibitive cost of securing professional caregivers.
Studies show that caring for parents, adult children, and spouses is borne mainly by women. This has implications for the financial well-being of these mothers in retirement.
Special needs advocate Sharon Fuentes said, “Special needs moms are not those who never struggle. They are those who never give up despite the struggles.”
Grace G McLean is a financial advisor and retirement specialist at BPM Financial Limited. Contact her at gmclean@bpmfinancial or visit the website: www.bpmfinancial.com. She is also a podcaster for Living Above Self. E-mail her at livingaboveself@gmail.com