HCR Wealth: Advising Children of Aging Parents
HCR Wealth Advisors has been working for over two decades to help their clients reach personalized financial goals. The firm does this in part by educating its clients about the various options and strategies available to them. The clients are taught how to limit their risks, prepare for emergencies, and grow their money. HCR Wealth Advisors offers financial advice and creates personalized financial plans.
Many families today are caught between raising their own children and caring for their aging parents. The adults who are caught in this situation are called “the sandwich generation.”
If you are caring for older parents, it is essential for you to know where their finances are coming from, and how long their retirement accounts will be paying out. Often, parents and children do not discuss money together, but since you are helping your parents financially, it imperative to know their situation.
Another area to investigate is the health insurance coverage of parents. Do they have long-term care? It is not uncommon for couples to live into their 90s. Long-term care coverage can be helpful.
The children of these elderly adults still need to plan their own retirements. HCR Wealth Advisors understands that and takes into account many different dynamic family situations.
If possible, put the largest amount you can afford into a retirement account. Retirement accounts may be from your employer, or you can create one on your own. People are living into their 90s now. How long will we be living another decade from now?
Helping pay for college is another area of financial focus for the sandwich generation. Helping their children through school will make them more likely to not have to move back home. One way to pay for school is to put money into a tax-saving education account as early as possible.
Planning for retirement, college education, and caring for elderly parents can put a strain on anyone. HCR Wealth Advisors works to establish trust with the firm’s clients and looks to help teach families how to survive and thrive while in the middle.
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