“How to protect your retirement when your senior parent needs financial help,” by Tamara E. Holmes, USA Today

“A growing number of seniors are finding themselves needing financial help. A study released this month by the Consumer Bankruptcy Project found that bankruptcy filings among people 65 and older have tripled since 1991. Sometimes medical costs are to blame; in other cases, seniors find that they have not saved enough for retirement.  Like Holmes, many adult children step in to provide their parents with financial relief. … If you’re planning to offer financial help to mom and dad, here’s how to balance it with taking care of your own needs:”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):

Congratulations to Kamilah Williams-Kemp, vice-president of long-term care for Center-corporate-member Northwestern Mutual for this quote in the article: “Out of love and concern, we often try to step up to help our family members, but we have to understand some of the trade-offs … ” and for this reference to the company’s research: “According to Northwestern Mutual’s 2018 C.A.R.E. Study, 34 percent of caregivers spend more than 20 percent of their monthly budget on care for loved ones. That could easily add up to $500 to $1,000 a month, Williams-Kemp says, so make sure you understand what you’re signing up for.”

How to protect your retirement when your senior parent needs financial help

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