Caregiving

4 Ways for the Sandwich Generation to Help Their Parents

Your parents must be healthy enough to qualify.

Discuss long-term-care insurance

Your parents must be healthy enough to qualify. Some adult children pay their parents’ premiums to help protect their own savings. And consider buying insurance for yourself to protect your assets and those of your children.

Investigate adult day care

Instead of quitting your job to provide care for your parents, consider enrolling them in an adult day-care program while you work, recommends gerontologist Sandra Timmermann. The average adult day-care program costs $67 per day, compared with $21 per hour for a home health aide ($168 for an eight-hour day) or $229 a day for a private room in a nursing home, according to the MetLife Mature Market Institute.

Take advantage of tax breaks

If your parents live with you more than half the year and you pay for them to attend an adult day-care program -- or pay for someone to care for them at home so you can work -- you may be able to pay for those expenses with tax-free money. You may be able to contribute up to $5,000 per year to your employer’s dependent-care flexible spending account or claim the dependent-care credit on your tax return, which is worth 20% of the cost of care, up to $3,000 for one dependent or $6,000 for two.

Ask about care-giving benefits at work

Some large employers offer elder-care service locators or other care-giving support as an employee benefit. And you can find out if your parents are eligible for federal, state and other benefits through www.benefitscheckup.org.

Most Popular

Don’t Be Tricked Into Voluntarily Paying Higher Taxes on Your IRA
IRAs

Don’t Be Tricked Into Voluntarily Paying Higher Taxes on Your IRA

Traditional IRAs are set up in a way that basically incentivizes you (and your heirs) into paying the highest tax bill possible. Don’t fall for it. Co…
July 4, 2022
Your Guide to Roth Conversions
Special Report
Tax Breaks

Your Guide to Roth Conversions

A Kiplinger Special Report
February 25, 2021
The 15 Best Stocks for the Rest of 2022
stocks to buy

The 15 Best Stocks for the Rest of 2022

The lesson of the past two years: Be ready for anything. Our 15 best stocks to buy for the rest of 2022 reflect several possible outcomes for the seco…
June 21, 2022

Recommended

Has Bad Economic News in 2022 Hurt Your Retirement Plans?
retirement

Has Bad Economic News in 2022 Hurt Your Retirement Plans?

How the right plan now can get you back on track and reduce the risk going forward.
July 6, 2022
With High Inflation and an Uncertain Stock Market, Do I Have Enough to Retire?
retirement

With High Inflation and an Uncertain Stock Market, Do I Have Enough to Retire?

If you’re at all concerned then it’s time to do some analysis, either with a financial professional or even just on your own. Answering a few question…
July 6, 2022
Age Magnificently with the Help of a Geriatric Care Manager
retirement

Age Magnificently with the Help of a Geriatric Care Manager

Geriatric care managers help families map the coming changes and explore the options before they are even needed.
July 5, 2022
How 13 Types of Retirement Income Get Taxed
retirement

How 13 Types of Retirement Income Get Taxed

When you're planning for retirement, it's fun to contemplate all the travel and rounds of golf ahead of you, but don't forget about taxes.
June 30, 2022