Article | 2:52 min read

Caring for Your Aging Parent with no Retirement

Life Events

Caring for an aging parent can be difficult, especially if they don’t have enough to pay for everything on their own. Sometimes it may seem almost impossible to care for your aging parent while at the same time caring for your own family—here are a few things to remember.

Retired parent and child discussing retirement plans

Go to your siblings.

If you have siblings that are able to help, reach out to them. You shouldn't have to be the only one caring for your parents. Talk about your responsibilities and what each of you can contribute. Splitting up the work can alleviate some of the pressure off your shoulders to do everything [1].

Go to your parents.

Something that's just as important, if not more so, is to talk to your parents. It's important that you figure out together what the financial future looks like. Many adults wish to stay on their own and would rather live in their homes until the last possible moment. If this is the case, figure out if your parents are going to need medical care and what would be the easiest and cheapest way to access that. There are many options for different house nurses if you find that your parents need extra help.

Check their influences.

Talk to the people that your parents come into contact with. Make sure that they aren't being taken advantage of by family or friends. Aging-Care recommends you put them on a no-call list to ensure that they won't get hounded from telemarketers all the time. Keep an eye out to make sure that they aren't making inappropriate purchases, but bear in mind that at the end of the day, it is their money, you are solely aiding the process [2].

Talk about work.

Though no one wants to learn that they can't retire on time, this may be something that your parents have to face. Working an extra couple of years can help them save a little bit more money for retirement. If they are already retired but find themselves without enough money, they might need to consider going back to work, even if is just a part-time job. If a job is not an option, then you will need to look into their medical insurance coverage. If money is nowhere to be found, you might need to begin assessing what you can contribute to their funds [3].

Consider alternative housing.

If you find that your parents can no longer live on their own and require special care from a nurse, you might need to look into senior living. There are many options when it comes to senior living and there is usually a fairly high price tag that goes along with it. Discuss with your parents whether or not this is a logical option for their financial standing. If not, examine your finances to see if you could help out. U.S. News suggests that you don't sign any forms related to financial responsibility as it can add up quickly. So be helpful, but remain aware of what you're signing.

Be there for them.

One of the most important things to think about is just being there for them. Whether you're driving them to the grocery store or you find yourself paying for some of their care, you are doing this out of concern for their well-being. Talk to them about their needs, but don't be afraid to tell them no when you can't help. A simple phone call to tell them you are there for them can make a financial struggle just a little bit better.


[1] When Aging Parents Need Financial Help, U.S. News
[2] Warning Signs That Your Parent's Finances Are Off Track
[3] Your Parents Have NO Retirement Savings - What's Your Responsibility? Cash Money Life


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