Research government assistance programs · Elderly friendly housing · Home repairs · Help paying bills · Fresh produce · Monthly food packages. Explore the findings of our eleventh national survey. Elderly people running out of money is an unfortunate trend. Nearly half (49%) of Americans ages 55 to 66 have no retirement savings. And women tend to have less savings than men.1 That lack of savings may be causing an increasing number of aging parents to move in with their adult children.
Older Americans are less likely to live alone than they were decades ago, and some are now living with their children.2 While living together can provide financial help to aging parents, it can also increase the stress of the child becoming a caregiver and put older parents in a difficult situation. Intervening to help your aging parents better manage their finances will not only help them, but it can also help you protect your finances. This is because many states have filial liability laws that legally require the adult child of an impoverished parent to pay for parental needs, including long-term care, as well as debts, 3 (it's always a good idea to seek the advice of an attorney or other qualified legal professional about your particular situation). If they can't afford the extra coverage and don't have savings to finance home care, they may consider Medicaid.
This can be an attractive option if your parents live alone. Older adults who don't have money to support themselves for the rest of their lives can stay in a nursing home for up to 100 days, and Medicaid will cover the cost for this short period. Seniors who reside in an assisted living facility and run out of funds will be evicted. Resource centers for the elderly and disabled can offer someone to meet with your parents and explain the services available to them.
Helping your aging parents manage their money could mean controlling expenses more carefully so that the cost of their retirement doesn't affect your future. And if overspending is at the root of the problem, trying to convince aging parents to stop spending money can be as difficult (and unattractive) as it seems. Facing the reality that your aging parents are running out of money is undoubtedly a challenge, but with the guidance of experienced professionals, you can face this difficult journey with confidence. These combined efforts can help ease the burden on aging parents and help them to face this stage with strength.
The eligibility requirements and the amount of services available through Medicaid depend on the state where your parents live. The rising costs of health care, long-term care and daily living expenses can put enormous pressure on both your parents and your family. Helping aging parents can be a challenge, especially if they have financial and health care problems or if they make poor decisions with their money. They may struggle with changes or restrictions, so check back regularly to help your parents stick to the plan. If you want to help cover your living expenses, it may be easier to bear some of your parents' living expenses directly.
Elderly people who cannot rely on financial assistance from their relatives and have no money can be placed under the guardianship of the state. This can be vital in situations where aging parents don't have a lot of resources at their disposal. Watching your aging parents struggle with dwindling financial resources can be a distressing and overwhelming experience.
