What CMS Energy Employees Should Know About Caring for Aging Parents
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'Many CMS Energy employees underestimate how caregiving responsibilities may influence their long-term planning. To prepare thoughtfully and involve the right professionals, it's important to start these conversations early.' — Paul Bergeron, a representative of The Retirement Group, a division of Wealth Enhancement.
'Many CMS Energy employees face unexpected pressure when aging parent responsibilities arise. I believe early planning and open family communication can help households navigate these challenges with greater clarity.' — Tyson Mavar, a representative of The Retirement Group, a division of Wealth Enhancement.
In this article, we will discuss:
Key warning signs that aging parents may need additional support.
Essential legal and health care preparations to help families stay organized.
How to coordinate family involvement and emotional readiness during caregiving.
Many CMS Energy employees in their mid-50s to early 60s come to discover that their retirement planning may have to expand to include the needs of their aging parents. As America’s population grows older, adult children frequently take on caregiving responsibilities for parents facing health issues, financial weaknesses, and cognitive decline. These realities influence family dynamics, investments, estate planning, taxes, and emotional well-being.
“Your parents' financial vulnerabilities become your financial stress unless you plan ahead and take a proactive role,” explains Brent Wolf, CFP®, an advisor at Wealth Enhancement.
Below are key considerations for individuals ages 55 to 65 who are preparing to support elderly parents.
1. Recognize the Early Signs of Cognitive Decline
For many families, cognitive decline in an aging parent typically appears gradually. Early warning signs may include:
- Repeatedly forgetting conversations
- Missing or duplicating bill payments
- Confusion about routine transactions
- Financial decisions influenced by new “friends”
- Unusual wire transfers or unexpected spending changes
Your role is not to diagnose—your role is to observe and speak up early. By addressing concerns promptly, you, your family, and your advisory team can potentially help mitigate the risk of future financial or cognitive harm.
2. Put Durable Power of Attorney and a Trusted Contact in Place
If a parent becomes cognitively impaired without a durable power of attorney, families often face a costly, lengthy conservatorship process. CMS Energy employees can address this by planning ahead.
Consider getting the following key documents in place:
- A trusted contact authorization
- Durable Power of Attorney for finances
- HIPAA releases and health care power of attorney
- Updated beneficiary designations, wills, and trusts
These steps can help reduce uncertainty and lessen the risk of financial exploitation should a parent become more vulnerable.
3. Prepare for Health Care Shock: Medicare Has Gaps
Many households are surprised by how much Medicare does not cover. Common out-of-pocket costs include:
- Long-term custodial care (memory care, assisted living, in-home support)
- Prescription drugs
- Private caregivers and care managers
- Out-of-pocket deductibles and co-pays
To plan effectively, CMS Energy employees should understand:
- What your parents’ insurance covers
- Their likely care expenses
- Whether self-funding or long-term care strategies may fit
- Whether Medicaid planning (with its five-year look-back) should begin early
Health care decisions become more urgent if cognitive decline is a concern.
4. Guard Your Parents Against Financial Abuse
Financial abuse is a growing threat for older adults—including parents of CMS Energy employees. Common scams include:
- Romance schemes
- Fake IRS, FedEx, or government calls
- “Grandchild in trouble” scams
- Caregiver misconduct
- Pressure from acquaintances or distant relatives
- Fraudulent investment pitches
Adult children often hesitate to intervene, but silence can increase risk. Advisors can help monitor accounts, identify unusual activity, and place temporary holds when needed.
5. Organize the “Invisible” Parts of Their Financial Life
By age 80, even financially experienced parents may struggle to keep up with routine obligations such as:
- Required minimum distributions
- Quarterly tax payments
- Charitable documentation
- Insurance renewals
- Online passwords
- Property tax deadlines
- Portfolio withdrawal planning
Advisors can help reduce errors by automating tasks, consolidating accounts, and simplifying processes.
6. Bring the Entire Family Into the Conversation Early
The most challenging situations often arise when adult children learn of issues only after a crisis. CMS Energy employees may benefit from:
- Annual family meetings
- Clear conversations about parents’ wishes
- Defined caregiving and financial roles
- Discussions around independence and dignity
Proactive communication may helps mitigate conflict and avoid last-minute decisions during emergencies.
7. Prepare Yourself Emotionally and Financially
Caring for aging parents can influence:
- Retirement timing
- Your ability to continue working
- Your cash flow
- Your mental and emotional resilience
Advisors can help you develop:
- A dedicated “parent care fund”
- Tax-efficient withdrawal strategies
- Cash flow outlines that factor in elder care
- Estate plans that reflect multigenerational needs
With thoughtful planning, supporting your parents does not have to disrupt your retirement goals—even for CMS Energy employees navigating complex benefits.
8. Build a Team-Based Approach
Families caring for elderly parents often benefit from a coordinated team that may include:
- A financial advisor
- An attorney with experience working with seniors
- Tax specialist
- Geriatric care manager
- Estate planning attorney
- Health care advocates
Working together, these professionals can help manage risk for both parents and adult children through a unified strategy.
Conclusion
Aging is inevitable—but it does not have to create chaos. Early planning, while parents are still capable, can lessen emotional strain, help minimize family conflict, and ideally reduce the likelihood of financial harm.
“The best gift you can give your aging parents is structure, clarity, and a financial advocate who supports them when they can no longer support themselves,” says Brent Wolf.
For CMS Energy employees ages 55 to 65, now is the time to act.
Taking the Next Step
The Retirement Group can help you design a Parent Care Plan that includes financial oversight, health care review, legal preparation, and fraud monitoring.
To speak with a team member who can guide you through each stage of the process, call
(800) 900-5867
.
We are here to support you, your parents, and your family through every stage of life.
The CMS Energy 401(k) Savings Plan is a retirement savings plan that allows employees to save a portion of their salary on a tax-deferred basis.
How can I enroll in the CMS Energy 401(k) Savings Plan?
Employees can enroll in the CMS Energy 401(k) Savings Plan by completing the enrollment process through the company’s HR portal or by contacting the HR department for assistance.
What are the contribution limits for the CMS Energy 401(k) Savings Plan?
The contribution limits for the CMS Energy 401(k) Savings Plan are determined by the IRS and may change annually. Employees should check the current limits for the specific year.
Does CMS Energy offer a company match for the 401(k) Savings Plan?
Yes, CMS Energy offers a company match for employee contributions to the 401(k) Savings Plan, helping to enhance the overall savings for retirement.
When is the best time to start contributing to the CMS Energy 401(k) Savings Plan?
The best time to start contributing to the CMS Energy 401(k) Savings Plan is as soon as you are eligible, as early contributions can significantly impact your retirement savings over time.
Can I change my contribution percentage in the CMS Energy 401(k) Savings Plan?
Yes, employees can change their contribution percentage at any time by accessing their account through the CMS Energy HR portal.
What investment options are available in the CMS Energy 401(k) Savings Plan?
The CMS Energy 401(k) Savings Plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles, allowing employees to choose based on their risk tolerance.
How often can I make changes to my investments in the CMS Energy 401(k) Savings Plan?
Employees can make changes to their investment allocations in the CMS Energy 401(k) Savings Plan on a regular basis, typically quarterly or as specified in the plan documents.
What happens to my CMS Energy 401(k) Savings Plan if I leave the company?
If you leave CMS Energy, you have several options for your 401(k) Savings Plan, including rolling it over to an IRA, transferring it to a new employer's plan, or cashing it out, though cashing out may have tax implications.
Is there a loan option available in the CMS Energy 401(k) Savings Plan?
Yes, the CMS Energy 401(k) Savings Plan may allow employees to take loans against their account balance, subject to specific terms and conditions outlined in the plan.
With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.
CMS Energy announced a restructuring plan that includes significant layoffs affecting their operations in Michigan. The company also mentioned potential changes to employee benefits and pension plans as part of cost-cutting measures.
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