START A PETITION 25,136,189 members: the world's largest community for good
START A PETITION
x

9 Warning Signs Your Parent’s Finances Are Off Track

  • 1 of 3
9 Warning Signs Your Parent’s Finances Are Off Track

By June A. Schroeder,  AgingCare.com

“I just can’t get this checkbook to balance this month.” Those words were my first inkling that mom might not be as sharp as she once was. I was taken by surprise. After all, she had managed her own finances with aplomb for many years and all I did was a little coaching. She remembered all her appointments, all her meds, and often reminded me of dates to remember. How did I miss this? Had I purposely been blind to subtle indicators? The answer was “yes,” because I didn’t want her to change.

10 Things About Your Parent’s Finances

Even those who are “young” and “well” might have some trouble managing finances. Things don’t necessarily improve in later years and can go from good to bad or bad to worse. Why aging parents need help can vary greatly and the need can be insidious or abrupt, but odds are that they will require help some day for some time.

Mom’s financial difficulties were partly due to her illness and the medications she was taking. Fiercely independent, she fought to maintain her mental fitness. She exercised her brain with crosswords, word games, solitaire and TV’s Jeopardy. But in her 80s, lupus took its toll on her money management skills.

Statistics from The National Council on Aging show that 29 percent of homeowners over 62 have difficulty or need help with one or more ADLs or IADLs (instrumental activities of daily living) which includes money management, along with shopping, cooking, cleaning and using the telephone. Be observant. If you notice a problem in one area, there might be problems in another. Physical illness and/or response to medications, loss of a spouse, and depression are among the most common precipitating factors.

Finances can also get off track because your aging parents don’t have as much money as they used to. They may be too proud or independent to let you know. A 2007 study by the Center for Retirement Research at Boston College revealed that 40% of retirees between 67 and 80 suffer a decline in income and assets, the greatest being due to the loss of a spouse. Inflation, poor spending habits, inappropriate investments, and failure to plan how to use assets are other reasons for a decline.

Related:
10 Things You Should Know About Your Parent’s Finances
Are Caregivers Responsible for Their Parent’s Debt?
10 Government Programs You Can Access for Your Elderly Parents

Warning Signs That Your Parent’s Finances Are Off Track originally appeared on AgingCare.com

  • 1 of 3

Read more: Aging, Caregiving, Family, , ,

have you shared this story yet?

go ahead, give it a little love

AgingCare.com

AgingCare.com connects family caregivers and provides support, resources, expert advice and senior housing options for people caring for their elderly parents. AgingCare.com is a trusted resource that visitors rely on every day to find inspiration, make informed decisions, and ease the stress of caregiving.

40 comments

+ add your own
7:00PM PDT on Sep 23, 2011

L'ingresso per il resto della piumino Moncler 3% al 7% dei dati delle vendite ogni anno per la progettazione e lo sviluppo a partire dall'inizio del 1996. La proporzione è alto quanto l'input allo sviluppo di industrie high-tech. Ha una forte attività di sviluppo di resistenza DuoNian Piumini Moncler. Moncler rende un vantaggio unico. Aperto Moncler Giacche esportare in tutto il mondo. Le donne amano indossare l'abito in questo momento speciale, feste, matrimoni, ecc Quasi tutti i negozi si trovano tutti nel mondo di piumino Moncler. Ora, questi abiti possono anche acquistare on-line attraverso. Moncler Giubbotti vendita Il prezzo di questo tipo di materiale è differente in base al loro design e tessuti.

6:30AM PDT on Sep 19, 2011

Important. Thanks.

4:04AM PDT on Sep 14, 2011

ty

3:12PM PDT on Sep 11, 2011

thanks for the info

3:12PM PDT on Sep 11, 2011

thanks for the info

1:46PM PDT on Sep 11, 2011

thanks for the info.

12:06PM PDT on Sep 11, 2011

Thanks

8:23PM PDT on Sep 10, 2011

Thanks for the article.

11:38AM PDT on Sep 10, 2011

Thank you for the article..with aging parents I can already see it coming.

10:42AM PDT on Sep 10, 2011

thanks

add your comment



Disclaimer: The views expressed above are solely those of the author and may not reflect those of
Care2, Inc., its employees or advertisers.

people are talking

Interesting article, I understand that it's easy to get so fixated on Plan A that other options may …

I hope it will work

Story idea? Want to blog? Contact the editors!



Select names from your address book   |   Help
   

We hate spam. We do not sell or share the email addresses you provide.