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Aging Parents May Need Your Time Because They Don’t Have Money

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I wrote last week about having a difficult conversation with your “first degree” relatives about their genetics. Knowing your relatives’ health conditions will help financial planning because it gives you important information about your future health and health expenses.

There is another reason you want to know your parents and siblings genetics and if they have had or of have cardiovascular disease or diabetes. You may want to prepare for the inevitability of your relatives needing your time or money to maintain their care.

Intergenerational Care Networks Are Real

Your parents probably don’t have enough money to care for themselves if they get dementia. By 2030 73 million people will be older than 65 and most are not financially prepared for retirement That fact means almost as many adult children may have to help out. Knowing your elderly relative’s health history – especially about physical and mental decline risks can help you predict future time and money pressures. Cognitive decline is strongly inheritable, so knowing your grandparents’ cognitive health can help predict your parents’ future…

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