Financial guide for people caring for aging parents
Navigating caregiving costs, estate planning conversations, and protecting your own retirement while supporting your family.
Caring for aging parents sits at the intersection of family love and financial complexity. Long-term care costs average $50,000–$100,000+ per year, and can fall on adult children when parents lack coverage or savings. These costs — if unplanned — can derail your own retirement savings.
The financial conversations that need to happen: understand your parents' financial situation (assets, insurance, Medicare vs Medicaid eligibility), review their estate documents (will, power of attorney, healthcare directive), and model the potential impact on your own retirement plan. This isn't a morbid conversation — it's a loving one that protects everyone.
Action checklist
Work through the steps in order. Progress saves in this browser, without an account.
Start the conversation
Sooner is better
Assets, insurance, and Medicare vs Medicaid eligibility.
Will, power of attorney, and healthcare directive.
Tool: Estate ReadinessArticle: Estate conversations with parentsAvoids scrambling during a crisis.
Plan for care costs
Next steps
Six figures a year can fall to you if unplanned.
Tool: Net Worth TrackerDon't let caregiving derail your plan.
Tool: Retirement PlannerArticle: Planning for long-term care costs
Protect yourself
Ongoing
You can't borrow for your own retirement.
Tool: Financial Wellness ScoreShared expectations prevent conflict later.
Tools for your situation
Free calculators and assessments selected for this guide.
- 1Estate ReadinessReview your parents' estate planning — will, POA, healthcare directive
- 2Net Worth TrackerUnderstand your household's full financial picture including potential caregiving costs
- 3Financial Wellness ScoreEnsure caregiving responsibilities aren't undermining your own financial health
- 4Retirement PlannerModel how caregiving costs affect your own retirement timeline
Recommended reading
Have a specific question?
The AI Financial Tutor gives an educational answer to a finance question in about a minute. For example: “My aging parents don't have long-term care insurance and may need assisted living in the next few years. How should I think about the financial planning for this?”