They helped us with our homework, took us on summer vacations, and made every birthday feel special. They were there with us when we graduated, got married, and had our own children. Since day one, our parents have taught us about life and how to live it. As we grew up, they grew old and may need our support now.
If you are providing care to your parents, you are not alone. Nearly one-third of all American households are, too. The challenges of taking care of our aging seniors can be expensive and emotional. Where do you start?
First, you need to get organized and know your options.
Here is a basic checklist to get you started:
- Find out what they own and what they owe.
- What are their assets and their debts?
- How much income do they receive from pensions, social security, IRAs and investments?
- Calculate fixed expenses. Is it time to make lifestyle changes?
- Find out about their insurance and their estate planning documents. Make sure you have access to important legal documents.
- Talk with us about organizing all your parent’s financial information online for access and monitoring.
- Look in to Senior Living Communities sooner rather than later.
Once you have a clear view of their situation you can help where they need you most. They probably need you more than they will ever admit.
About Christopher M. Jones, CFP®
Christopher M. Jones is the Founder and President of Sparrow Wealth Management, a fee-only financial planning and investment management firm based in Hermosa Beach, CA. Before entering the investment field, Chris was a management consultant for Deloitte Monitor. He graduated summa cum laude from Brigham Young University with a B.S. in Economics and a minor in Business Management. Chris is a CERTIFIED FINANCIAL PLANNERTM practitioner.