When Your Aging Parent Is Running Out of Money
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Q. My mother, Rosie, is 97 years old. She is still mentally sharp and she pays her bills on time. She does need some help physically, ever since she broke her hip from a fall a few years ago. Besides the broken hip, she has survived a heart attack and pneumonia. We are fortunate that she made it through these health ordeals.
I love my mother with all my heart and I'm thrilled that she is still around. In all of her wildest dreams, she never expected to live until she was 97 and to meet her great grandchildren.
The only thing is, she can barely afford her living expenses anymore. The survivor pension my dad left for her, calculated 40 years ago, seemed like enough at the time, but in today’s dollars it’s barely enough to scrape by. And, right now, that meager pension and Social Security are all she has — all of her savings were used up years ago. She has just enough income to cover her rent, food, and health
care. What I fear is one catastrophic event, and I don’t know what we would do.
Things are tight for me now too, since I am recently retired myself. However, I do have three brothers and a sister who I may need to bring in to help with my mother’s situation. I too fear this happening to me someday. What do you recommend to people whose parents are living longer and running out of money?
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Critter Corner: Retirement Expenses You May Not Think About
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My husband and I are planning for retirement and trying to figure out our expenses. We have considered fun expenses, such as travel and hobbies and many not-so-fun expenses, including health care, day-to-day bills, mortgage, and many other things. Are there any common expenses that seniors sometimes don’t think about when planning for retirement?
Order Books by Evan Farr, 4-Time Best-Selling Author
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Certified Elder Law Attorney and Medicaid Asset Protection Expert, Evan H. Farr, CELA, has written four best-selling books in the field of elder law. For more information and to order, click here.
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