Help Your Aging Parents

parents(Money Magazine) — Face it. Mom and Dad are getting up there. And their finances aren’t getting any simpler. Some of life’s trickiest money tasks — managing a large but basically fixed nest egg, figuring out how to spend it down while never running out — are in the hands of people who at some point may not be up to doing the work by themselves.

The normal wear and tear of aging can mean worsening eyesight, fatigue, and enormous life changes (such as caring for an ailing spouse) that make it harder to deal with reviewing bank statements or tracking a portfolio.

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Keep your aging parents safe at home

(Money Magazine) — Is Dad mixing up his pills? What happens the next time Mom falls?

If you have an elderly parent, chances are you’ve spent more than one sleepless night worrying about such things.

Sure, moving him or her to an assisted-living facility or a nursing home might help. But the average annual cost is $38,000 and $67,500, respectively, and that doesn’t include the hefty emotional price: Surveys show that seniors fear nursing homes more than they do death itself.

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