“The Parent Trap” is the title of an article in the Wall Street Journal talking about the financial drain an aging parent can have on their children and their retirement savings. Let’s look at the aging parent help that is needed.
The cost of aging parents care for Mom & Dad can be staggering. If you care for them in your home, will you have to quit your job? This could mean less retirement savings for you and less Social Security in the future. This is a common problem for women who are generally the caregivers. Or will you continue working and have a caregiver while you are at work. Finding the best person can be difficult, so how about paying you? You gain income and Social Security credits. Do they have long term care insurance? It can be costly, but is a good addition. Making home improvements may be tax deductible with a doctor’s prescription. A source of income for veterans might be “aid and attendance.” You don’t have to be low income to apply. And the best option might be a permanent facility if the care is round the clock.
We all want the best for our parents and there are many options available. Finding the best one for your situation takes time. I have a gerontologist that assists families in these decisions and finding the best solution. I can help you make the most of their retirement savings-call for an appointment and we can discuss the options.