Call Our Offices
Your Money.
Your Life.
Your Way.
Complex Waters of Aging Parents' Finances
Shared by Strong Valley on June 15, 2024
Complex Waters of Aging Parents’ Finances
Image of a stop watch for the in-brief section heading
Here's a quick look at what's in this article:

Managing our own finances can be a challenge. But as your parents move into retirement and beyond, their financial landscape can become complicated. Here are some tips on how you can help guide them through this stage of life with confidence and peace of mind, ensuring their comfort and security in their golden years.

Important Disclosure: Content on our website and in our newsletters is for informational purposes only. The information provided may (or may not) directly apply to your situation. We recommend that readers work directly with a professional advisor when making decisions in the context of their specific situation.

As professionals, managing our own finances can be a challenge. However, one area that we often overlook, yet is vitally important, is understanding and navigating our aging parents' finances. As they move into retirement and beyond, their financial landscape can become complicated, making it necessary for us to step in. Here are some crucial areas to focus on:

Understand Their Income

Understanding your parents' income sources is the first step in comprehending their financial status. This includes pensions, social security, retirement savings, rental income, and other assets. Knowing where the money is coming from can help anticipate potential issues, such as a fluctuating income or the need for additional support.

Discuss Their Estate Plan

Having a conversation about your parents' estate plans can be difficult, but it's essential. This includes understanding their will, any trust arrangements, and their wishes regarding the division of assets. It's also important to know who they've named as executors or trustees. Having these conversations early can prevent misunderstandings and legal complications down the line.

Plan for Healthcare Costs

Healthcare costs can skyrocket in old age, and it's essential to understand how these expenses will be covered.

  • Are they enrolled in Medicare?
  • Do they have a supplemental health insurance plan?
  • Do they have long-term care insurance?

If not, it may be worth discussing these options and understanding what healthcare costs could look like in the future.

Be Aware of Potential Financial Abuse

Elderly individuals are unfortunately often targets for financial scams and abuse. It's important to regularly check in on your parents' financial transactions and be vigilant for any signs of suspicious activity. This can include unexplained bank withdrawals, sudden changes in their financial condition, or new, unknown 'friends' who show an unusual interest in their finances.

Your Financial Advisor

A trusted financial advisor can be an invaluable resource for managing your parents' finances. They can help with everything from planning for retirement income to advising on estate planning and managing investment portfolios.

If your parents don't already have a financial advisor, consider helping them find one. Remember, it's critical that this advisor is a fiduciary, meaning they're legally obligated to act in your parents' best interests.

The Circle of Life

Navigating your parents' finances can be a complex task, but it's a critical part of ensuring their comfort and security in their golden years. By taking the time to understand their financial situation, planning for future costs, and seeking professional advice, you can help guide them through this stage of life with confidence and peace of mind.

Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance does not guarantee future results or even estimates of actual returns a client may achieve. This information is designed to provide general information on the subjects covered. Consult your financial professional before making any investment decision. Opinions and estimates offered are subject to change without notice. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. Please see other important disclosures related to

Your turn – What would you like to know about Complex Waters of Aging Parents' Finances?

Strong Valley wants to provide useful and meaningful information to our clients, to our professional network, and to the broader community of people we serve. We’d love to hear your questions about Complex Waters of Aging Parents' Finances or about any other topics you care about. You can call our office directly, or use the contact form below to send us your questions and/or suggestions.  And if you found the information helpful or entertaining, we hope you'll share the Strong Valley story with others.

We love to hear your questions, ideas, and feedback!

  • This field is for validation purposes and should be left unchanged.
Copyright © 2024 Strong Valley Wealth & Pension, LLC
Investment advice offered through Integrated Partners, doing business as Strong Valley Wealth & Pension, a registered investment advisor. The information on this website has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Registration as an Investment Adviser does not imply a certain level of skill or training. Strong Valley Wealth & Pension, LLC offers some securities through M.S. Howells & Co. Member FINRA/SIPC. M.S. Howells & Co. is not affiliated with Strong Valley Wealth & Pension.
The link you have selected is located on another server. The linked site contains information that has been created, published, maintained, or otherwise posted by institutions or organizations independent of this organization. We do not endorse, approve, certify, or control any linked websites, their sponsors, or any of their policies, activities, products, or services. We do not assume responsibility for the accuracy, completeness, or timeliness of the information contained therein. Visitors to any linked websites should not use or rely on the information contained therein until they have consulted with an independent financial professional. Please click “Continue to Link” to leave this website and proceed to the selected site.