Caring For Elderly Parents

As parents age, their adult children often assume greater responsibility for their care. As part of caring for elderly parents or “senior care”, caregivers should assess their parents’ needs and begin collecting information about their legal, financial, and medical status. Here are some additional ways children can prepare for their elderly parents as gracefully as possible.

Begin the Conversation Early

It’s not always easy to raise the subject of elder care with an aging parent. Waiting until after the need becomes acute will only make important decisions more difficult. Elder care specialists suggest holding a family meeting where parents and caregivers can openly and honestly discuss options regarding daily living needs, healthcare, financial security, and legal rights. Opening these lines of communication early lets seniors know that their wishes are being heard and gives caregivers time to define & prepare their new roles.

Collect Key Information

As you assume greater responsibility for caring for your elderly parents, you’ll need access to important information about their health and finances. Begin to collect or make copies of documentation for your parents’ insurance policies (home, health, auto, life, long-term care), Social Security benefits, housing (leases, mortgages), retirement, and bank accounts. Ask your parents to help you compile a list of their doctors’ names, preferred healthcare facilities, and current medications and conditions.

Review Legal Options

Well-constructed legal provisions can help ensure your parents’ wishes regarding their property and care are followed, while giving you the power to step in if they become unable to make decisions for themselves. Make plans to discuss the following legal provisions with your parents and a qualified attorney:

Wills: provide for the transfer of property when a person passes away.
Living Wills: communicate end-of-life healthcare wishes.
Durable Power of Attorney: gives you the ability to make medical, financial, and legal decisions for your parents.

To help parents age as gracefully as possible, gather important info, review options, and if the need arises, get ideas to care for them in your home.

Resources Available

Seniors may need access to a number of different resources, ranging from daily needs such as meals and personal care to quality-of-life issues like social activities and transportation aid. The Department of Health and Human Services’ Administration offers an online Eldercare Locator that can connect you with senior services in your area.

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Caring For Elderly Parents

Begin the Conversation Early

Collect Key Information

Review Legal Options

Resources Available

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Within Ten Years of Retirement

Risk Management: How prepared is your portfolio for a market downturn?

I haven’t thought about what a big market drop would do to my savings.

I know a downturn would hurt, but I’d probably recover over time.

I’ve already adjusted my investments, so a downturn won’t derail me.

Optimization of Income: How clearly do you know the income you’ll need in retirement?

I’m not sure what I’ll need or where it will come from.

I have a ballpark number, but no detailed plan.

I’ve calculated my income needs and know exactly how I’ll fund it.

Unexpected Expenses: If something happened to you tomorrow, how prepared would your dependents be?

They’d be financially lost without me.

They’d manage for a little while, but eventually struggle.

They’d be more financially secure because I’ve planned ahead.

Tax Efficiency: How well do you understand the taxes you’ll pay on retirement accounts?

I have no clue how retirement withdrawals are taxed.

I know the basics, but I’m not sure how it affects me.

I fully understand and have strategies in place to help minimize taxes.

Estate Planning: How prepared are you with wills, directives, and estate plans?

I don’t have anything written down.

I’ve started, but my plan is incomplete or outdated.

I have a complete and current estate plan in place.

At Retirement Age

Risk Management: How would a market swing affect your lifestyle right now?

It could force me to delay or change my plans.

I might need to tighten my budget for a while.

It wouldn’t change my retirement lifestyle.

Optimization of Income: How certain are you about your retirement income sources?

I don’t really know where the money will consistently come from.

I know the main sources, but I haven’t planned how to use them.

I’ve mapped out all income streams and how they work together.

Unexpected Expenses: How prepared are you for long-term care costs?

I haven’t planned for them.

I’ve thought about them, but I haven’t secured coverage.

I have protection and funding strategies in place.

Tax Efficiency: How well do you understand taxes on your withdrawals and RMDs?

I don’t understand them at all.

I have a general idea, but not a detailed strategy.

I fully understand and have a tax-efficient plan.

Estate Planning: How prepared is your estate plan?

I don’t have one.

I’ve started, but it’s incomplete.

I have a complete, updated plan in place.

ALREADY RETIRED

Risk Management: How do you feel about market volatility?

It makes me anxious that I’ll run out of money.

It worries me sometimes, but not always.

I feel secure no matter what the market does

Optimization of Income: How secure do you feel about sustaining your income?

I’m worried I’ll outlive my money.

I think I’ll be okay, but I’m not fully certain.

I’m confident my income will last.

Unexpected Expenses: If you faced a major medical expense today, what would happen?

It would devastate my finances.

It would hurt, but I could manage.

I’d be covered without stress.

Tax Efficiency: How prepared are you for taxes on withdrawals, RMDs, and Medicare penalties?

I haven’t planned for them at all.

I know about them, but I don’t have a strategy.

I’ve implemented tax strategies to help reduce their impact.

Estate Planning: How updated is your estate plan?

I don’t have one.

It exists, but it needs updates.

It’s current and clearly protectsmy wishes.

Where are you on your retirement journey?

Retirement Readiness Self-Assessment Survey

____ RISK MANAGEMENT

My retirement accounts have been stress-tested for various market conditions.

My investments are safeguardedagainst market crashes.

Fear won’t stop me from enjoying retirement when the market drops.

My current investments match my risk tolerance.

Risk Management:
How prepared is your portfolio for a market downturn?

Optimization of Income:
How clearly do you know the income you’ll need in retirement?

Unexpected Expenses:
If something happened to you tomorrow, how prepared would your dependents be?

Tax Efficiency:
How well do you understand the taxes you’ll pay on retirement accounts?

Estate Planning:
How prepared are you with wills, directives, and estate plans?

Risk Management:
How would a market swing affect your lifestyle right now?

Optimization of Income:
How certain are you about your retirement income sources?

Unexpected Expenses:
How prepared are you for long-term care costs?

Tax Efficiency:
How well do you understand taxes on your withdrawals and RMDs?

Estate Planning:
How prepared is your estate plan?

Risk Management:
How do you feel about market volatility?

Optimization of Income:
How secure do you feel about sustaining your income?

Unexpected Expenses:
If you faced a major medical expense today, what would happen?

Tax Efficiency:
How prepared are you for taxes on withdrawals, RMDs, and Medicare penalties?

Estate Planning:
How updated is your estate plan?