Caring for a parent5 of 6If you expect to be involved in caring for a parent or in-law after you stop working, factor these potential costs into your retirement plan.A serious illness might have the parent moving in with you or needing help to pay medical bills or for nursing home care. Or you might be pitching in to pay bills, buy groceries and take care of household maintenance for a parent who is struggling financially but wants to stay in their own home."Talk about things ahead of time," Veenker says. "Make sure there is an overall awareness of what each person can do, and see if that matches up with what the parents think might work for them."This is also a good time to discuss with elderly parents what Veenker calls "the cornerstones of estate planning " -- a will or trust, a power of attorney and a living will -- so that you know what their wishes are while they are still able to tell you.More On Estate Planning:Components of an estate planCreate a news alert for "retirement" Related Articles:Annuities a retirement optionIncome for retirementChoosing immediate annuitiesIncome from $500K portfolioRelated Links:Retirement income fundsRetirement funds up closeLongevity insuranceStocks boost retirement advertisement
If you expect to be involved in caring for a parent or in-law after you stop working, factor these potential costs into your retirement plan.
A serious illness might have the parent moving in with you or needing help to pay medical bills or for nursing home care. Or you might be pitching in to pay bills, buy groceries and take care of household maintenance for a parent who is struggling financially but wants to stay in their own home.
"Talk about things ahead of time," Veenker says. "Make sure there is an overall awareness of what each person can do, and see if that matches up with what the parents think might work for them."
This is also a good time to discuss with elderly parents what Veenker calls "the cornerstones of estate planning " -- a will or trust, a power of attorney and a living will -- so that you know what their wishes are while they are still able to tell you.
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