My-Financial Plan
Planning for Aging Parents and other Contingencies
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Although this stage in the Life Cycle is called Aging Parents, there
may be other financial demands for which we must plan. These could be things such as a second home, a boat, a
duaghter's wedding, or a long-awaited family vacation of a lifetime. However, all too often we find our aging
parents in need of financial assistance.
Many find themselves in a serious dilemma.
Having spent so many years saving for their children’s education, the family finds itself seriously behind
in their retirement savings plan by the time the kids are out of school. Add to that the “sandwich generation effect”
where about the time you are finished spending on your children's education, you find yourselves contributing to the financial
support of your aging parents.
You find yourself in a double dilemma where retirement
planning comes in last. This cycle can only be broken by proper Life Cycle Planning and wealth management and growth.
The following actions can reduce the impact of this financial dilemma:
- Ensure aging parents are able to make sound decisions
- Investigate Long Term Care (LTC) insurance for yourself and your parents
- Avoid the temptation of reverse mortgages
- Investigate Graduated Retirement Living facilities and plans
- Understand the role of Medicare in long term care facilities
Life Cycle Financial Planning