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.