How to care for your aging parents on a budget

| March 21, 2019

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How to care for your aging parents on a budget. People are living longer than ever, thanks to modern medicine and advances in technology. By 2050, one-fifth of the U.S. population will be 65 and older, up from 12% in 2000, according to U.S. Census Bureau. Children born of older parents are faced with an unexpected cost down the road: becoming a young caregiver. One in four family caregivers are millennials, according to AARP. Taking care of your parents is not an easy role. Marguerita Cheng, a certified financial planner, said being a caregiver, even if you're not the one directly providing the care, can lead to emotional and financial stress. Some of the financial consequences of supporting aging parents include having to take off work and paying extra expenses like medicine, transportation and hospital costs. It’s a second full-time position,” said Cheng. The cost of care can be extremely expensive. Talk with your parents about what services they may need.

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