As Gen X, it's crucial to discuss your ageing parents' finances - retirement accounts, debts, social security, or pensions, to plan for their future needs.
Here are a couple of important things Gen X need to know about your ageing parents in order to be able to help them.
Generation X is sandwiched between taking care of their own children and ageing parents and as well as juggling their own retirement needs.Understand your parent’s financesKnow their debts, including mortgages, credit cards and other loans. This will help you understand their financial situation and plan for their future needs.If they have social security or pensions, this will help you plan their future expenses.
Sadly elderly folk are often targeted by scammers and fraudsters who try to exploit them for financial gain.According to the FBI’s Internet Crime Complaint Center, fraud cases cost Americans over the age of 60 more than $1.7 billion in 2021. So watch out for signs of financial abuse and scams by third parties looking to take advantage of your innocent parents or any elderly family member in your care.
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