(June 1 – 10:45 ET) – “Quality of life for the elderly comes with a high price tag and with June being Seniors’ Month, now is a good time to address some of those delicate subjects,” says Elizabeth Hoyle, senior vice president at Trimark.
People are living longer than ever before, but nobody wants to outlive their money. Many baby boomers need to consider the costs of helping out their parents in their later years. According to statistics compiled by Trimark Investment Management Inc., the costs for an aging parent can range from $18,000 a year for home care to $72,000 or more for accommodations at a retirement home.
“To ensure a comfortable transition, families need to start talking and incorporate these potential costs into their financial plans now,” says Hoyle.
To help adult children learn about the costs and options involved in assisting their parents, Trimark has developed the guide, “Taking Care of Your Parents.” The free information guide discusses ways to begin the dialogue with family members, and offers tips on accommodation options and costs, legal issues, as well as ways to meet expenses so parents don’t outlive their money.
-IE Staff