Making plans for aging parents

Making financial plans for aging parents

A good way to help aging parents is to work with them to discuss their goals and needs and then create a plan. This is a group effort; bring in siblings and experts for help.

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Start discussions early

Ask about your parents’ plans 

Tap family members for help

Give yourself time to get comfortable discussing things like where their money comes from, what their everyday expenses look like and  how much things like health expenses may increase.

You and your parents are partners in this. Discuss the plans they’ve already made, such as where they want to live. If they want to stay in their home, ask about renovations they may need to make.

Ask and let family members help: Divvy up responsibilities. Also plan to keep each other informed about changes that may need to be made or concerns you may have.

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Get documents in order

Consider home renovations

Save for your own retirement

A last will and testament and a living will could help you honor your parent’s wishes. Ask if they have these in place and where they’re located.

If your parents are moving in, you may need to make changes to your home, such as widening doorways and installing no-slip flooring throughout the house.

Plan on contributing as long as you can to your retirement accounts while also helping your parents. Your money needs time to grow.

This article is for informational purposes only and is not a substitute for individualized professional advice. Articles on this site were commissioned and approved by Marcus by Goldman Sachs® but may not reflect the institutional opinions of Goldman Sachs Group, Inc., Goldman Sachs Bank USA or any of their affiliates, subsidiaries or divisions.

1

Start discussions early

Give yourself time to get comfortable discussing things like where their money comes from, what their everyday expenses look like and  how much things like health expenses may increase.

2

Ask about your parents’ plans 

You and your parents are partners in this. Discuss the plans they’ve already made, such as where they want to live. If they want to stay in their home, ask about renovations they may need to make.

3

Tap family members for help

Ask and let family members help: Divvy up responsibilities. Also plan to keep each other informed about changes that may need to be made or concerns you may have.

4

Get documents in order

A last will and testament and a living will could help you honor your parent’s wishes. Ask if they have these in place and where they’re located.

5

Consider home renovations

If your parents are moving in, you may need to make changes to your home, such as widening doorways and installing no-slip flooring throughout the house.

6

Save for your own retirement

Plan on contributing as long as you can to your retirement accounts while also helping your parents. Your money needs time to grow.

of Americans think it is important to learn about personal finance at home, which is more than half.

The Financial Literacy 2020 Survey was conducted by Marcus by Goldman Sachs® in March 2020 among 2,516 Americans. Savings accounts defined as savings accounts, certificates of deposit (CDs) and money market accounts.

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