Your parent’s lack of financial planning can have a significant impact on your own financial planning. You assumed your parent’s would have planned financially for their retirement. It never occurred to you that they didn’t and when you think of it, you haven’t really devoted much time to planning for your own retirement. But now, your parents have run out of money. Their living expenses exceed their income and part of your paycheck goes to buy food or pay for maintaining their household. You’re worried about their health and what will happen if they need facility care. How did this creep up on you? It’s simple. While we believe we should plan for long term care, 70% of us have other priorities that prevent us from doing so until it becomes a necessity. The horror stories exist. Parents being moved to a nursing home for the rest of their lives. Parents losing their homes because they can’t keep up with a mortgage that should have been paid off years ago. Parents writing checks to charities and psychics before paying for their own prescription drugs. Still don’t have time to plan?
Return from When Your Parents Financial Plan Doesnt Work to the Caring for my Parents Home Page
