I'm 40 with a few million in the bank and want to retire in a few years - how do I factor in taking care of my aging parents to my plans?
Briefly

from 24/7 Wall St.5 months ago
Planning for retirement is stressful enough, but when you add in not only your financial security but also the long-term care of your aging parents, things can get complicated.
24/7 Wall St.https://247wallst.com/personal-finance/2024/10/01/im-40-with-a-few-million-in-the-bank-and-want-to-retire-in-a-few-years-how-do-i-factor-in-taking-care-of-my-aging-parents-to-my-plans/
Open Communication: The first step is to figure out your parents' assets, income, and how much they can contribute to their own care. Understanding their savings lets you know how much you might need to contribute.
24/7 Wall St.https://247wallst.com/personal-finance/2024/10/01/im-40-with-a-few-million-in-the-bank-and-want-to-retire-in-a-few-years-how-do-i-factor-in-taking-care-of-my-aging-parents-to-my-plans/
Adjusting Your Retirement Goals: The poster might need to balance their desired retirement age with potential long-term care needs of their parents, which could require them to remain in the workforce longer.
24/7 Wall St.https://247wallst.com/personal-finance/2024/10/01/im-40-with-a-few-million-in-the-bank-and-want-to-retire-in-a-few-years-how-do-i-factor-in-taking-care-of-my-aging-parents-to-my-plans/
Financial Safety Nets: Considering various financial strategies such as long-term care insurance or government assistance can help ease the burden of future expenses.
24/7 Wall St.https://247wallst.com/personal-finance/2024/10/01/im-40-with-a-few-million-in-the-bank-and-want-to-retire-in-a-few-years-how-do-i-factor-in-taking-care-of-my-aging-parents-to-my-plans/
Read at 24/7 Wall St.
#retirement-planning #long-term-care #financial-security #family-support #communication
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