Helping parents age with financial solvency

Jul 01, 2011

Children may need to now take care of their parents

As it may be a difficult task for Americans to move from the role of child to that of caretaker, when parents get older than may be precisely what happens. Simply ensuring that a parent's health is monitored may not be enough.

Whether they invested in a life insurance policy, or the stock market, managing their financial future can be an invaluable asset, CNNMoney reports. As older people may experience memory loss, or a decline in health, their focus may not always be on making financial decisions.

"Neuroscience research suggests people beginning to suffer cognitive impairment make significantly more financial errors than those who aren't," Robert Roush, associate professor of geriatrics at Baylor College of Medicine, told the news source.

Experts have found that maintaining control and independence is important to aging generations and ensuring that they are able to continue feeling this way is key. Taking small steps and offering advice can help open doors to trust and acceptance, according to MSNMoney.

Beginning a conversation about their end-of-life choices, may indirectly lead into a discussion of finances if there is a family trust or life insurance beneficiary, according to CNNMoney.  

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