How to protect your retirement when your senior parent needs financial help
A growing number of seniors are finding themselves needing financial help. A study released this month by the Consumer Bankruptcy Project found that bankruptcy filings among people 65 and older have tripled since 1991. Sometimes medical costs are to blame; in other cases, seniors find that they have not saved enough for retirement. Like Holmes, many adult children step in to provide their parents with financial relief.
“Out of love and concern, we often try to step up to help our family members, but we have to understand some of the trade-offs,” says Kamilah Williams-Kemp, vice-president of long-term care for Northwestern Mutual.
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