Anne Messenger knew it was time to take over her mother’s finances when she got a call from her mother’s bank.
“She’d written a check for more than $7,000 — basically cleaning out her checking account,” recalls Messenger, president of Messenger Associates, a firm specializing in human resources consulting.
Caring for aging parents?
- Start early
- Discuss documents
- Ask others for advice
- Consider parent’s preferences
- Think long term
Messenger’s mother had intended to pay Verizon for its monthly $37 bill. Instead, she wrote a check for the balance she saw in her checkbook.
“That afternoon, I took over her finances,” Messenger says.
It may not come in the form of a financial crisis, but changes in the care a parent needs is a real and growing concern. By 2030, there will be 72 million Americans that are 65 years old or older, according to the U.S. Census Bureau.
While only 25% of aging parents reported being stressed because of their adult children, nearly twice as many adult children stated they are stressed because of their aging parents, according to a survey by LifeBridge Solutions LLC.
To ease concerns about an aging parent, preparation is the key. Here, experts offer steps to make sure your loved one receives elder care at the right time.