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Today, 80% of all Americans live past the age of 65 – and the over-85 age group ranks as the fastest-growing segment of the U.S. population.
We know how difficult it can be to suddenly find yourself responsible for handling your parents' financial situation – especially when they have lived very independent lives in the past. The time may come when it is important for you to be fully informed about whether they are financially secure and have the resources to cover living expenses, healthcare costs, and other necessities. You may also need to arrange for a power of attorney, which will allow you to manage your parent's finances should they become seriously ill or even incapacitated. And finally, it is important for you to know the plans they have made for managing and distributing their estate.
At Advanced Financial Concepts we work with you as a team and help your parents develop financial strategies that may allow them to age with dignity and security. With careful planning, your parents can make the most of their resources, without risking financial security.
Source: The Hamilton Project. “Probability of a 65-Year-Old Living to a Given Age, by Sex and Year.” Probability of a 65-Year-Old Living to a Given Age, by Sex and Year | The Hamilton Project, 23 June 2015