Forbes magazine published and article on June 16th. about the looming issue of having to take care of aging parents who may have not prepared for their older years. They may not have enough funds saved and invested to last the rest of their lifetimes and it is falling on their adult children to manage their care and in many cases, financially supporting them.
This has the potential to be very, very stressful for the family and there is the constant worry of running out of money, not to mention the cost of emotional and physical health to the caregivers.
This is a very serious and real crisis that it just beginning to unfold. The Forbes article was condensed into a shorter version to read and I am sharing below.
Forbes: Reverse Mortgage Can Help With Planning for Aging Parents
Posted ByElizabeth EckerOn June 16, 2015 @ 2:01 pm In News,Reverse Mortgage | No Comments
“Aging parents can be a major retirement risk even to those who are seemingly on track in preparing for their later years. The care for aging parents can be an additional consideration to supporting children, and can come with new burdens, both financial and emotional, Forbes columnist Jamie Hopkins writes this week.
Among major challenges associated with aging parents are time, cost, work and health, Hopkins writes. Caregiving can be time consuming and expensive. Plus, work-life balance can be difficult, or impossible, and the health of the caregiver is a major factor that many families are not prepared for.
One of the potential solutions addressed by the column: a reverse mortgage.”
I will post the remainder of this summery in a following post.
I never intended this site to be limited to the discussion of Reverse loans but also be a resource and platform that would allow others who specialize in the Senior market, to share valuable information, that otherwise may be difficult to locate.
And one difficulty for the adult children is that of their aging parents and how best to help them through this life process, treating them with respect and at the same time, maintaining their own sanity.
I will be posting the following article that has been provided by Viki Kind, MA, discussing this very issue. Because of the length of it, I will share it within three different posts over the course of the next seven days.
About the Author: Viki Kind, MA
Viki Kind is a clinical bioethicist, medical educator and hospice volunteer. She has lectured across the United States teaching healthcare professionals to have integrity, compassion and to improve end-of-life care through better communication.
Patients, families and healthcare professionals rely on Viki’s practical approach to dealing with challenging healthcare dilemmas. She has also been a caregiver for many years for four members of her family in the Los Angeles area.
This is an edited excerpt from “The Caregiver’s Path to Compassionate Decision Making – Making Choices for Those Who Can’t,” pp. 107-110, by Viki Kind, MA, (2010, Greenleaf Book Group)
Savvy Caregiving —Getting the Support You Need
I was the caregiver for a number of family members for many, many years. Sometimes I could manage just fine. But at other times I felt overwhelmed and unappreciated. Even when I knew what to do, I was still exhausted and worried all the time. All I wanted to do was to crawl into bed and just sleep.
Even though I wanted to take care of the seniors in my life, sometimes it all became too much. I admire professionals who take care of those who are disabled, sick or dying every day. But I also know it comes at a cost to the person doing the caregiving. So, let’s talk about the signs of caregiver stress and then discuss ways you can ask for help. (Help is out there, even if it doesn’t come from your family.)