Guiding Aging Parents in Financial Management

Guiding Aging Parents in Financial Management

As parents age, it’s common to be concerned about their ability to manage their finances, especially when faced with cognitive decline or other medical concerns. Here are some tips for talking to aging parents about their finances and how to step in with assistance.

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The Neglected Asset

The Neglected Asset

Many people own this and probably pay less attention to it than many of their other assets. It is usually worth hundreds of thousands of dollars, if not millions. And yet once it is purchased it usually ends up in a file cabinet in the basement. Or maybe it becomes an inmate of the safe deposit vault only to be seen every couple of years when you are digging out a birth certificate.

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Planning for the Cost of Long Term Care

When considering the likelihood of a financially successful retirement one factor that should be considered is the risk of needing long term care and the potential cost of that care. If care and support is needed during working years, wealth accumulation and retirement planning will likely be negatively impacted. While this is possible, the emphasis of this article will be on the need for long term care arising later in life and the financial cost of that care. As longevity improves, the probability of physical or cognitive decline requiring the need for daily assistance increases. The cost of that care today and into the future must be considered on the negative impact long term financial security.