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What should you do when mom and dad run out of money?

Posted: February 19, 2013

A recent Wall Street Journal article called Paying them Back caught our attention. When many older adults were planning for retirement they had a goal in mind that may not have factored in today’s life expectancy. When it comes to looking out for ourselves and our loved ones as older adults, in our opinion, the most important key success factor is quality, safe and loving housing. As we like to remind people, industry experts in geriatric care have a saying about the three secrets of graceful, vibrant and dignified aging:“housing, housing and housing”. One important thing you can do to help them or others you may know in this situation is to point them in the direction of Jewish Community Housing for the Elderly.

With limited financial resources there are still great options for housing. The key is planning ahead and avoiding the pitfalls. Having a plan that addresses your resources, and if need be – places you on wait lists is the key to living in a vibrant, safe and financially sustainable home. 

In some cases adult children may be in a position to help their parents by transferring wealth upward. For those in this fortunate position we found this particular WSJ article helpful towards outlining a financial strategy. 

 

Scott Brightman, Shillman House Director of Marketing
February 19, 2013

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