According to the U.S. Department of Health and Human Services, more than 70% of individuals over the age of 65 will ultimately require some form of long-term care (LTC). If you should need LTC at some point, your world could change significantly, affecting not only your quality of life, but your finances, as well.
Getting old is hard. Your parents’ ability to manage their own finances may decline as they age. Helping them with money matters is a sensitive issue you need to approach carefully. Parents aren’t likely to recognize their own declining abilities, so knowing when and how to step in to help is important. Here are some tips!
The best plans for managing the finances of an older relative are made when that individual is still healthy. These talks should go beyond just discussing money to include subjects like the relatives’ future independence, decision-making regarding finances, health care, and preferences for day-to- day living.
Emotions involved with caring for the elderly can seem almost as overwhelming as the finances. As your loved ones age, what topics must you be ready to discuss? Beyond money, you need to talk about independence and basic preferences for the way individuals want to live or die.
If you’re a woman of the Sandwich Generation¹, then you’re facing the challenge of managing your family, career, and the needs of your aging parents. First coined in 1981, the label ‘Sandwich Generation’ describes caregivers who are responsible for both children and elderly parents. About 60 percent of sandwich generation caregivers are women.2 This may be one reason why women of the sandwich generation exhibit the highest levels of stress among all demographics.3 If you’re in this situation, then you’re adjusting your goals, schedules, and finances now to care for your kids and parents, and possibly, your spouse in the future.
More consumers are conducting financial transactions online and may become vulnerable to tracking, hacking, identity theft, phishing scams, and other cyberspace risks. While nothing can guarantee complete safety on the Internet, understanding how to protect your privacy can help minimize your exposure to risk.