Harris-Courage & Grady, PLLC
5 Ways to Help your Aging Parents Manage Their Money
Parents are our first teachers in life, but as they age roles often reverse. Many people find that they need to help their aging parents manage their money. Here are 5 good ways you can help your aging parents with their finances.
- Get involved. Don’t let your parents get into a financial mess when one gets sick or passes on. Make sure that they both know how to pay all the bills and how to access all their retirement funds. Ask them to share that information with you. Someday they won’t be able to do it for themselves, and it will be much easier to acquire the information you need when they’re healthy.
- Keep adequate insurance. Health insurance and long-term care insurance get more expensive and more necessary as people age. The US government estimates that 70% of people aged 65 will need long-term care at some time during their lives. Make sure there’s a way to pay for that care for your parents when it becomes necessary.
- Get them out of debt. Don’t let your parents waste their retirement funds repaying debts. We have helped many families file bankruptcy on behalf of aging parents so that their limited money can go to retirement expenses and to leave behind to their children and grandchildren. If your parents are trying to juggle debts in retirement, give our office a call.
- Examine their savings. Do your parents have enough money to last their retirement? If you’re not sure, talk to a professional. It’s important to ensure their savings are secure. You also need to know if any lifestyle adjustments will be necessary to make sure the money can last as long as it needs to.
- Plan ahead for life’s end. Death can be uncomfortable to talk about, but eventually everyone dies. Make sure that you understand your parents’ wishes about medical decisions. Help them to create a will. Talk about funeral costs and arrangements. Planning these things ahead of time can make them much less costly and less stressful when they’re needed.
As you help your aging parents, take care to balance their need for independence with their need for support. Work with them respectfully, and consult with professionals as they are needed. Helping your parents with their finances can give you all peace of mind during their final years.