New York Times Offers 5 Tips for Managing Aging Parents' Money
Updated
Updated · The New York Times · Jun 6
New York Times Offers 5 Tips for Managing Aging Parents' Money
1 articles · Updated · The New York Times · Jun 6
Summary
Five tips from The New York Times urge adult children to start money talks with aging parents before a health crisis forces rushed decisions.
An 86-year-old father’s dementia diagnosis anchors the advice, showing how little family members may know about pensions, Social Security, insurance and savings until care needs become urgent.
One key lesson is to build a full financial picture early, after the writer learned her mother had quietly saved $500,000 that could help cover home health aides or memory care.
Experts cited in the article say adult children often go wrong by treating a parent’s finances as a problem to solve, rather than first asking what the parent wants.