Caregiving

How to Help Your Aging Parents

Here are the basics of meeting the financial needs of mom and dad as they get older.

Are you among the growing number of Americans who count themselves reluctant members of Generation S? The "S" stands for sandwich, and to qualify you must be feeling sandwiched between the financial demands of raising children and the growing financial needs of your aging parents -- to say nothing of your own financial needs. "Squeezed" might be a better word for it.

Aging parents are often the first to notice that they could use some help tending to their finances. Sometimes their children notice the telltale signs: bills that go unpaid, confusion about financial and other matters where there used to be alertness, growing anxiety about medical and other expenses.

You may have to act like a detective to get to the bottom of the problem and gather the information you need to help them. Where to begin? Start with the basics.

Your Parents' Income and Assets Know how much money they have, locate their important documents and make sure they have the right insurance coverage.

If Your Parents Become Incapacitated Make sure your parent have the right documents to spell out their desires if they can no longer make decisions for themselves.

Where Will Your Parents Live? They have several options, including ways to stay in their own home.

When Your Parents Need Financial Help You might be entitled to tax breaks if you're helping support mom and dad.

Most Popular

House Approves $3,000 Child Tax Credit for 2021
Coronavirus and Your Money

House Approves $3,000 Child Tax Credit for 2021

The proposal would temporarily increase the child tax credit to $3,000 or $3,600 per child for most families and have 50% of it paid in advance by the…
February 27, 2021
Third Stimulus Checks Are One Step Closer to Reality – How Much Will You Get?
Coronavirus and Your Money

Third Stimulus Checks Are One Step Closer to Reality – How Much Will You Get?

The House passed President Biden's $1.9 trillion stimulus package. While the bill faces hurdles in the Senate, the provisions authorizing another roun…
February 27, 2021
Your Guide to Roth Conversions
Special Report
Tax Breaks

Your Guide to Roth Conversions

A Kiplinger Special Report
February 25, 2021

Recommended

10 Things You'll Spend More on in Retirement
retirement

10 Things You'll Spend More on in Retirement

From reading materials to debt, the demands on your savings during your golden years might surprise you.
February 25, 2021
10 Things You'll Spend Less on in Retirement
retirement

10 Things You'll Spend Less on in Retirement

We spend a lot of time worrying about running out of cash in retirement. But you might be surprised to see some of the things you'll find yourself spe…
February 25, 2021
33 States with No Estate Taxes or Inheritance Taxes
retirement

33 States with No Estate Taxes or Inheritance Taxes

Even with the federal exemption from death taxes raised, retirees should pay more attention to estate taxes and inheritance taxes levied by states.
February 24, 2021
Taxes in Retirement: How All 50 States Tax Retirees
Tax Breaks

Taxes in Retirement: How All 50 States Tax Retirees

We rated every state, plus Washington, D.C. on how retirees are taxed. We considered taxes on Social Security and other retirement income, tax exempti…
February 23, 2021