According to a recent MetLife study, there are more than 10 million adult children older than 50 who are caring for an aging parent in the U.S. Furthermore, with the population living longer, it is expected that this number will increase dramatically over the next 20 years.
As such, many of us will face the inevitable challenge of taking care of aging parents. Being prepared financially is paramount to help ensure that your parents have a high quality of life for an extended period of time.
One of the most critical components is open communication. Although this is not an easy topic to discuss, it is important to address future plans while your parents are still in good health. These types of discussions are vital for adhering to their overall lifestyle wishes, as well as for determining how they want their financial legacy to continue.
These and other key insights are outlined in a recent column (page 22) in Baltimore Gay Life by Amanda Wooddell, a Manager at SC&H Financial Advisors, the Personal Financial Planning practice at SC&H Group.