In Home Senior Care in Burlingame, CA

70/40 Rule

When is the right time to talk to your aging parents about their financial health, estate planning, etc.?  A good marker is the 70/40 guideline.  If you’re in your 40’s, most likely your parents are close to 70 if not older.

Many people in their 30’s and 40’s don’t think about their parents’ retirement until a crisis occurs.  Your parents may think they’re adequately prepared, but one major illness or financial crisis may wipe out a major portion or all of a nest egg.

In the event you need to help your parents financially, it may be at a time when you’re working hard to plan for your own future.  Knowledge of your parents’ situation (financial, health care directives, etc.) could avoid having to make important last minute decisions.

Here are some tips on how to broach the subject with your parents…

  • Get involved in small ways while your parents are still healthy.
  • Don’t start by asking about MONEY!
  • Don’t plan on one big meeting to discuss all concerns.                          

  What to eventually ask/ do …

  • As they get older, do your parents want to age in place (remain in their home), downsize to a smaller home or are they interested in  researching senior communities?
  • Obtain names and contact information for their attorney, accountant, financial advisor and insurance agent.
  • Who currently handles bill paying?
  • Who are their healthcare professionals; primary care physician, specialists; i.e., cardiologist, neurologist, rheumatologist?
  • Have they completed estate planning? Is it up to date? Have they reviewed advance healthcare directives? Do they have a DNR/POLST?
  • Will their retirement funds be adequate?  Longer life expectancy is a major factor.  Are there supplemental funds available; LTC insurance? Is anyone a war veteran (Aid and Attendance benefit)?
  • Are they taking care of themselves? Do they have regular medical checkups? If so, are there any potential health concerns?
  • Have they thought about how they want their affairs handled if one/both become incapacitated?
  • Gather siblings and/or other close relatives to determine who does what in the event your parents need help.  For example… son, Steve will handle medical issues, daughter, Kathy (lives out of the area) will handle finances, daughter-in-law, Jan will handle household maintenance.
  • Observe their behavior/current condition. Are they becoming reclusive, losing weight, untidy? Are you seeing more dings, scratches, fender benders on their car(s)?   Are there any major changes; how they walk, eat, write? Is their house in unusual disarray?

Contact Us

Senior Assist of the Peninsula
1720 Marco Polo Way Suite E
Burlingame, CA 94010
Call (650) 343-5833

State of California
Department of Social Services
License # 414700016

Trusted Provider

HCSA

The Seniors Choice Better Business Bureau San Mateo County Fall Prevention Task Force