ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Your Finances and planning to support your aging parent

Updated on January 24, 2012

We all know that with the innovations in medicine and technology, enhanced living standards and vast health care networks, our aging parents are living appreciably longer than ever before. To that point, most men and women can look forward to living well into their eighties and even further. While on a personal level it will be great to have large families with diverse backgrounds and history, the downside is that you will more than likely end up supporting your aging parent financially

With government pensions likely to diminish likely to be pressured under the high volume and demand, and the reality that many aging parents simply will not have enough supplemental income from retirement savings or even worse still in debt. They will not be able to support themselves in retirement; the responsibility supporting your aging parent financially is likely to fall on the shoulders of you the adult child (and, possibly even your children).

The recent recession has all but eliminated most of peoples saving as they have been required to “dip-in” under the pressure of unemployment. And with new jobs even more scarce the prospect of recovering in time to retire will not be a common occurrence.

supporting your aging parent financially
supporting your aging parent financially

This is why you need to start planning to support your aging parent today

Encourage your parents to share their personal and financial information. It was hard for me at first to ask them but when my parents needed me to be a guarantor on their new mortgage because my father was out of work I needed to know. Otherwise, it will be difficult to assist them. Understand, however, that it will be hard for your parents too. To share information about their financial affairs with their children can be shameful for them. They will consider this information “private” or fear a loss of control. Explain to them that you helping them and simply want to be well prepared to help out if needed.

Monitor your parents spending habits

At a time when money is tight do you really think your parents can afford that Caribbean vacation down south? You will have a good idea of your parents income since you know what your parents do for a living part of your task will be making sure they live within their means. When you’re over for dinner par attention to off-hand comments that your parents make about their financial situation. Good signs will be eating out less and even downsizing their current house if needed.

Identify out how much you can afford to contribute

If you’re married, you need to have full disclosure with your husband or wife on how much you can give to help your parents and/or in-laws. Do not hide the fact that your parents need help. The last thing you need during this time is more stress from a fight with your spouse and undermine your own financial goals. If you’re an aging parent and you are reading this, have a talk with your siblings. These types of responsibilities often fall on the most financially secure child, which may create tension in the family if it’s unexpected or just thrown on them. So it’s vital to talk candidly

Get professional advice

Do not under estimate the help that you can get for your aging parent from professionals. Talk to your bank about setting up pre-authorized contribution plans to help support your aging parent financially. I and least of understand that your family is very important and that no matter what you will always have help no matter what side of the coin you’re on.


    0 of 8192 characters used
    Post Comment

    No comments yet.


    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

    Show Details
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)