Information for this post is sourced from Genworth Financial in partnership with the SheHeard Influencer Network. A recent study shows that 25% of adult children over the age of 50 are taking care of their parents. According to an article written by Elizabeth O’Brien entitled “Caregiving for parents: What it can cost, Adult children’s careers and income can be at risk, too“, that number has tripled over the past 15 years. That level of care varies from providing a few meals or driving them to an appointment to caring for them full time. Not only can this be time consuming but it can cost much more than you have resources for. The article goes on to say that women who care for an elderly parent can lose an average of more than $324,000, while men lose almost $284,000. The costs for taking care of that parent could include paying for health and nursing c are as well as assisted living. This can cause the care giver to tap into savings, retirement or their home equity that was meant for their own care. If you are faced with this situation, contacting an expert in finances like Genworth Financial can help you get through this.
Are You Financially Ready To Care For Your Parents?
For many care givers, the increase in caring for their parents is insidious and grows slowly. Your parent may ask you to balance their checkbook a few times and before you know it, you are moving halfway across the country and living with your mother or father. If this were ti happen, are you financially ready to care for your parents? Virtually everyone faced with this situation is not prepared and would not know where to start doing so. By contacting Genworth Financial, you can get the guidance you need to protect your parents as well as your own finances.
It is recommended that you act proactively rather than re-actively in the moment of your parents need. Many people who seek financial advice for their own retirement do not think to consider adding protection for their parents care. If you are armed with the right information, you can ask your financial planner to recommend the best way to include your parents care into your planning package. At Genworth Financial, you have a team of experts who are there to answer your questions and guide you through the planning process. They have extensive resources to tap into to best serve your individual needs as well as that of your parents. They do not pigeon hole you into a generic plan but take each client into consideration for their specific needs. With Genworth Financial, you are in hands you can trust, which should be a relief to you and your parents. The financial team is there for you, just like you will be there for your parents.