Posted June 6, 2022
Posted June 6, 2022
For years, your parents cared for your every need, from changing your diapers to putting food on the table, ensuring you received a good education and were well prepared to set off into the world. Now, the tables have turned, and it’s your turn to care for your aging parents— and it’s not as easy as it looks.
At Thayer Financial, most of our clients fall into the “sandwich generation,” ranging in age from 55-70 years old. This “sandwich generation” term refers to being in the middle of caring for kids or grandkids and caring for aging parents. According to Fidelity, 12% of parents who have a child at home also care for an adult without financial compensation. This can be both emotionally and financially taxing.
Assisted living facilities in Hickory, NC, and surrounding areas like Newton, Conover, Lenoir, Morganton, Lincolnton, and Lake Norman run anywhere from $3,500 to $10,000 per month based on the needed level of care. Additionally, you may have to take unexpected time off work, help pay for unexpected medical bills, and take on new financial responsibilities that you are not accustomed to. No matter how prepared you thought you were for retirement, these monthly expenses could send your retirement plans spiraling.
Many retirees imagine their golden years spent traveling, spending more time with family and friends, finding new hobbies, and doing the things they always wish they had done, not filing paperwork, chauffeuring to doctor appointments, and staying up late wondering how they’re going to ensure their parents receive proper care.
It can be an emotional and stressful time, and you shouldn’t have to do this alone. Because we have seen what a strain this can place on people, we have developed strategies to help. To alleviate this pressure, the Thayer Financial team will work with you to find the best way to overcome these hurdles, pay for the added expenses and evaluate other options to help you move forward.
There are some added benefits to specific tax strategies that we help our clients utilize so that they can help lower the financial burden of caring for their aging parents with tax savings.
Thayer Financial can advise you on managing your parents’ finances and optimizing your own retirement plan in the process. You can read more about preparing to care for your aging parents by visiting our blog here. As financial advisors in Hickory, North Carolina, Thayer Financial is your dedicated resource for fee-only, fiduciary advice. Schedule an appointment or call us today.
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