Advertisement

money
POLL

Job Search

job title, skills or company name
city, state or zip

Listen to
Free Music

most popular
articles

Viewed

Recommended

Commented

Money
PROGRAMS

Money Matters Tip Sheets

Download and print out these PDFs to help with your financial matters.

Free Lunch Seminar Monitor Program

Attend investment seminars and tell us what you find.

AARP Foundation Tax-Aide

You can get free, face-to-face tax assistance nationwide.

Money Talk

Making Finances Easier for Older Family Members

  • Text
  • Print
  • Comments
  • Recommend

Most older people say to their family members, "We don't want to be a burden on you." However, the truth is that while most won't need financial support, as most people age, they become more dependent on their children, close relatives, or acquaintances to help them manage.

Sign up for AARP's Money Newsletter.

With an intention to make things easier for your younger relatives and loved ones, you can complete this checklist of particularly important matters to take care of as you grow older:

1. Housing. Ideally, family members of older and younger generations discuss later-life housing options well before a change is needed. By "housing options," I mean the possibility of having to enter an assisted-living facility or nursing home. If you do not cover this ground before you have to make the decision, you can pretty much be assured that the proposal will be met with some resistance. This is unfair. It sends the child or other concerned family member on a guilt trip when, had the family considered these matters earlier, they could have more rationally talked over prospect going into a nursing home.  

Many older homeowners insist on staying put in houses that are too big, too hazardous, and too difficult or costly to maintain. The same can be said of many apartment owners. That's a shame, because there are so many alternatives available for those who want places more livable than an old home in constant need of repair. An added bonus could be lower housing costs, particularly if your relative moves into smaller quarters.

If the older person in your life resists downsizing because there won't be enough room to house visiting children and grandchildren, remind him or her that after a day of youngsters rampaging through the house, it might be nice to send the visiting family to a hotel for the night.

2. Insurance. Make sure your parents keep and maintain the right kind and amount of insurance. Periodically review your parents' insurance policies to make sure the coverage is adequate but not excessive and that the premiums are paid. Many of us have heard reports of unscrupulous insurance agents taking advantage of elders by selling them duplicate coverage or too narrowly defined coverage (cancer or burial insurance, for example). A competent insurance agent is indispensable.

Next: Health care, investments, and daily money issues. >>

  • Print

From The
Experts

Prepaid Funerals: A Grave Error?

Mom paid for her funeral, but didn't tell the kids. What can they do to get their money back? read

Ron Burley - AARP Expert

Tell Us WhatYou Think

Please leave your comment below.

You must be signed in to comment.

Sign In | Register

More comments »

Discounts & Benefits

Couple sitting on a couch viewing a screen on a laptop

Financial Guidance Services for members provided by Charles Schwab.

Mature Woman in Her Garden

Members can convert their assets into guaranteed income for life with AARP Lifetime Income Program from New York Life.

AARP Visa Credit Card from Chase

Members can make a difference to help end hunger with the AARP® Visa® Card from Chase.

Member Benefits

Members receive exclusive member benefits & affect social change. Join Today

Being Social

featured
groups

Hand holding credit cards

Pay Down Your Debt Challenge

Start your debt-free journey. Discuss

savingchalleng

Savings Challenge

Have the gift of thrift? Share your tips. Discuss