One of the unwanted challenges that faces may individuals and families face is watching parents move into old age. In many cases the costs—both financially and emotionally—to families is substantial. Many aging adults don’t have enough money to support themselves; over a third depend exclusively on Social Security1.
During this time there are a few key transitions that we see our clients and their parents go through. Consider whether and how your financial plan is prepared for these kinds of changes.
It can often be helpful for families to all be dealing with the same financial advisor to help navigate the needs from one generation to another. Seek out professionals who are well-versed in the tools and resources available for seniors so that you have a resource to fall back on.