How Gen X can help their aging parents by understanding their finances

Here are a couple of important things Gen X need to know about your ageing parents in order to be able to help them. According to a report from the National Caregiving Alliance, in the United States alone, there are more than 11 million people caring for an adult family member.

Generation X is sandwiched between taking care of their own children and ageing parents and as well as juggling their own retirement needs.

This is why it’s so important to discuss your parent’s current and future finances.

Understand your parent’s finances

Figure out if they have retirement accounts, investment portfolios, real estate and other assets.

Know their debts, including mortgages, credit cards and other loans. This will help you understand their financial situation and plan for their future needs.

If they have social security or pensions, this will help you plan their future expenses.

Property distribution plan and their will

Find out if they have a will, any trust or any other legal document and how they wish to distribute the property. This will help you ensure that their wishes are fulfilled going forward.

Plan for their healthcare

As they age, you need to factor in extra healthcare support including possible long term care which can be expensive.

See how you can make sure that they are taken care of in any unforeseen circumstances.

Be aware of possible scams

Sadly elderly folk are often targeted by scammers and fraudsters who try to exploit them for financial gain.

According to the FBI’s Internet Crime Complaint Center, fraud cases cost Americans over the age of 60 more than $1.7 billion in 2021. So watch out for signs of financial abuse and scams by third parties looking to take advantage of your innocent parents or any elderly family member in your care.

Financial advice for GEN X

You may not be the best person to decide retirement planning funds especially if the amounts are significant. Don’t feel uncomfortable about hiring someone to help you whether it’s a financial or investment planner. These experts can guide you on everything you need to know including tax implications and other issues.

The photo above is from Wikipedia