The road to financial security is never straight and the possible entanglements when it comes to families is even less straight. For example, what to do if you are attempting to ready your finances for your own retirement right around the time that mom, or dad, needs to look into elder care? Will you be able to afford a facility, if it comes to that, while still putting money into your own plans?
Consider using your parents home, if possible. It may be viable to use the equity. See if your parents have pension income, or a 401K. Check out their social security options and medicaid options. If they can discuss their fiscal options with you than let them. Be as open as you can. As much as the topic is troubling, not dealing with it is far worse. Also, don’t forget the need for power of attorneys. Beyond accessing your loved one’s bills and payment needs, it may also behoove you to put yourself forward to their financial advisers and accountants, should there be such entities.
- Sometimes pensions can either contribute to, or entirely cover, the ultimate costs of assisted living.
- Home equity that has accumulated overtime can often help pay for assisted living fees.
- Those who do not have adequate savings for care may be eligible for Medicaid services.
“You have options – you just have to do your research. Read more about what to do when you want to retire but a parent needs assisted living.”