Posted 5/8/2013 by The Mutual Fund Store
Caring for an aging parent can consume considerable time, money and emotions. Given that people are living longer, financial advisors recommend that everyone factor in elder care costs into their own financial plan.
Families typically use parents' health benefits, retirement income and savings to pay for elder care, but caregivers may also pay a price. A caregiver would lose income, as well as retirement savings and health benefits, if leaving a job to care for a sick parent becomes necessary. With some planning and candid conversations with your family, the responsibility of caring for an aging parent can be shared and less burdensome. Learn tips to help prepare for the care for aging parents.
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