Reuters published a pertinent article on financially supporting aging parents:
This fairly recent trend of older adults living in a large house by themselves is a relatively new thing. It wasn’t long ago (maybe mid- 1980s?) that parents lived with their children. It provides safety, family closeness, financial savings, and a built in baby sitter!
But because many older people want to live on their own, the overall cost to the family increases, which pinches more at a time like this when incomes are strained due to job loss risk, low interest on savings and rising insurance costs crimp the budget.
In fact, the article points to a study showing that 32% of adult children have spent more than $5,000 on their parents in the last year – that’s a lot! If you find yourself pinched in this situation, it’s time for some honest conversation with the whole family regarding finances. if you’ve been putting that off, maybe it’s time to face it. If having a financial professional lead this conversation would be helpful, then consider that.
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