Your parents have been offering security, comfort and assistance throughout the years and it is now time to give something back. Elderly people will feel overwhelmed by financial planning and making sure that they have enough retirement resources.
Assisting your aging parents with financial planning will require a bit of research and the desire to examine different strategies. Good financial planning is all about personalization.
Have a Talk about It
You need to start by a serious talk about the financial future of your parents. Understand where they are standing right now and how much assistance they would need in the future. Be gentle about it but try to get some precise information. Read More…
No offense to people with aging parents but if they werent smart enough to plan for their own retirement there is a good chance their children weren’t either.
The best advice would be for those kids to learn from their parents on what not to do so they dont end up the same way.
What if they are broke and hadn’t saved to begin with?
Just place them in a nursing home! That’s what i plan to do. Ssshh!
Getting authorized access to help manage is a good idea. As long as everyone is trusting.
Most people already know this and a lot of elderly people will set up their books quite well so that when they do hit the upper limit then their assets are managed by themselves.
What is considered “aging parents”? My parents are in their 40s. I am only 17. Must i start planning ahead now?????