| Hi Taylor:
I had a long talk with my wife the other night about how we're going
to help my parents get by in the next couple of decades. They're both
retired and starting to struggle a little physically, and I'm realizing
they'll probably need some financial help from me. Any idea what I'm
looking at? - Steve
Hi Steve: Everyone's situation is different, but I'll lay out
a few things you should probably be considering.
This is a broad category when it comes to elderly people with
no income. It's possible your parents mapped out how they can
cover their monthly expenses, but it's just as important to have
a plan regarding unforeseen medical bills. Opening that discussion
will guide a lot of your other decisions, such as in-home care
versus a nursing home. This can be a touchy subject and one that
all parties want to avoid, but it's a conversation that needs
into benefits. Different states have different programs for
elderly citizens and eligibility varies from person to person.
Depending on where your parents worked and whether either of them
serves in the military, it's possible to have a significant portion
of their retirement covered. If you haven't researched what's
out there, take a few minutes to do so. You could end up saving
yourself from a huge amount of undue financial burden.
your own schedule. While
you're pondering the additional payments, give some serious thought
to the hours in your day and how those might be adjusted to provide
care. If you can't afford to pay $50,000 a year for a live-in
caretaker, you might be able to cut that figure back by handling
some of the assistance yourself and only paying part-time service.
Thinking about helping your parents in terms of time, as well
as money is a good way to find actual solutions.
- See what
can be paid off. A big struggle for those in retirement is
handling large payments that they didn't expect to be dealing
with. A lot of retirees still have to make house payments or cover
debt incurred from a medical procedure or a lawsuit. If you can
help your parents eliminate those costs, or at least start planning
on how those expenses can be dealt with, you may be able to relieve
a huge financial burden.
| Helping parents
in their later years can be scary and trying, and I think it's great
that you're putting this much thought into it. Try to stay focused
on the steps you can take, don't let the situation overwhelm you,
and I'm sure everything will work out!
© Taylor Kovar
June 12, 2022
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