There’s no denying it: your parents are getting older. The people who took care of you now need your care. They will need help making decisions about their health care, plus their personal and financial matters. Maybe you already began taking on that responsibility when one parent passed away years ago, and now you realize your surviving parent is beginning to decline.
Regardless of your experience, your new reality is the norm for millions of adult children. A study in 2015 estimated 40 million adults in the United States had provided unpaid care to an adult in the previous 12 months.
There are nearly 75 million baby boomers ranging in age from 72 to 53. Some of these boomers will need help now from their adult children to remember passwords or pay bills. As your parents age, are you ready to take on this important caregiver role? The National Alliance for Caregiving and AARP survey found the average age of caregivers is 49. Many people in their 30s have already transitioned to the caregiver role.
Look for our comprehensive guide to help you with the financial impact of caregiving, coming out in July. The guide will cover key topics important for both you and your parents as they become more dependent on you. We will look at transitioning family leadership, how to speak with your parents about their wishes for their finances and day-to-day lives, making sure your parents’ finances are in order, and other essential topics.
If you have any questions about taking on the responsibility of managing your parents’ finances as they age, please contact any of our advisors.