The decision to move yourself or a loved one into long-term care can be a difficult one, and determining how to pay for long-term care can add unnecessary stress to a phase of life that’s already full of transitions. Understanding the costs you may encounter and developing a proactive plan to afford long-term care can help ease the burdens that accompany it.
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Finances for Your Aging Parents: What to Expect and How to Prepare
It's not always easy to think about your parents getting older and more dependent on you. When it comes to their finances, what do you need to know? What are the most important things for aging parents to consider when it comes to their finances?
This article will cover what you need to know about planning for your elderly parent's financial needs in retirement so that they can maintain some level of independence.
6 min read
You know that you can expect to be at an increased risk of health issues as you age. However, what you might not realize is that aging puts you at a greater risk of another issue: financial exploitation.
In fact, the rate at which adults over the age of 60 can expect to experience financial exploitation—1 in 20—is higher than the incidence of many age-related diseases, according to research published in The Journals of Gerontology. And that’s likely an underestimate of the problem because, according to the report, “many older adults are unaware or unwilling to report exploitation.”