What are the options for my parents as they age?

 In Ozarks Live

What are the options for my parents as they age?

The costs associated with caring for aging parents can be overwhelming. It’s common to underestimate the costs of nursing home care and other forms of assisted living, so financial retirement planning is necessary for ensuring proper care. According to LongTermCare.gov, the average cost of a nursing home per month in the state of Missouri is between $5,171 and $9,735. By planning for these costs, you can be more prepared and ready to give your parents the care they need as they age.

Making a plan before a crisis occurs is key to proper financial retirement planning, as emergency planning is costly and can be incredibly difficult on your family. Be sure that you have had a sit-down conversation with your family members to know their plans and their financial needs. It’s important to reassess this every so often, as plans may change depending on different financial circumstances or medical needs.

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The Resource Center is an independent financial services firm that creates retirement strategies using a variety of investment and insurance products. Neither the firm nor its representatives may give tax or legal advice. Investment advisory services offered through AE Wealth Management, LLC. Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Any references to protection benefits or lifetime income generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.
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