How to Help Aging Parent Manage Finances
Americans are living longer. According to a recent report from the Centers for Disease Control and Prevention (CDC), life expectancy at birth for people born in 2012 in the U.S is 78.8 years.
As people age, they are confronted with health issues like dementia. Combine dementia with the likelihood that those who live longer tend to have more assets and financial portfolios to manage. If not managed proactively, finances can get out of control.
At some point, children may need to step in to help their aging parents with finances. The most difficult part this process is: How does a child approach a parent about his or her finances? U.S. News has a very insightful and good article on ways to navigate the difficult process of helping aging parents with their finances.
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