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Caring for Aging Parents · Money In Motion with Klaas Financial

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This is Money in Motion with Class Financial, a fun and informative show designed
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to help you get answers to all your retirement questions in one place. So
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lines are open for you right now at six oh eight three two one thirteen
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ten. That's six oh eight three two one thirteen ten. Loved to get
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you on the air this morning with our retirement planning professionals from Class Financial.
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Got the gang all here, CJ Closs and Malia Quavis. You can learn
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more about Coss Financial on their website Coss Financial dot com. That's Klaas Financial
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dot com. And the telephone number six oh eight four four two five six
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three seven. No charge for the financial gets know you appointment at Coss Financial.
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It is complementary to you again the number six oh eight four four two
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five six three seven. And to get on the air, it's the regular
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phone number for the station three two one thirteen ten. That's three two one
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thirteen ten. CJ. Welcome back. How you doing this week? I'm
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doing great? How are you, Sean? I'm doing really well. Great
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to chat with you. Malia, how are you doing this morning? Very
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good? Happy to be here. It's great to have both the view along
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and it's a very informative program ahead important conversation about taking care of and of
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course paying for aging parents and some of the things you want to think about
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when it comes to your own planning. And of course we'll get to that
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with Cjanmalia in just a moment. A couple of great things to keep in
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mind during today's program. First off, I mentioned the website Cossfinancial dot com.
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Great resource to learn more about Coss Financial, the team, their separate
1:23
divisions. The service is offered also an opportunity there to sign up for the
1:27
weekly Market Pulse newsletter. It's a fantastic weekly email that you'll receive. It's
1:32
got a little less snapshot what's been going on in the markets recently, as
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well as a link to the most recent podcast. Again that available to you
1:40
at Cossfinancial dot com. That's k LaaS Financial dot Com. I mentioned their
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telephone number six oh eight four four two five six three seven no charge for
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the nacial gets to know you appointment at Coss Financially. It will be complementary
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to you again their number six oh eight four four two five six three seven.
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Another great feature of the program is the Coloss Quiz Question Leek will be
1:59
doing one and again this week your chance to win a fantastic prize. Our
2:02
friends from Class Financial provided a twenty five dollars gift card to Cracker Barrel for
2:07
the winner of the class quiz question Leak and we'll tell you a little bit
2:09
later on the show how you can win that. I will tell you.
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Pay close attention. Typically the question and hencer as well to the class quiz
2:16
question the week come up during the show. Before we get rolling on this
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week's conversation, let's actually take a look back at last week's class quiz question
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Leak. Get the question and the answer there as well. Yeah, so
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last week our topic, which is a common topic we discussed on the show
2:32
about social security, had a lot of listeners with the question being true or
2:38
false. According to Social Security, the age that you can collect one hundred
2:43
percent of your earned Social Security benefit is your FRA, also known as your
2:47
full retirement age. True or false. A lot of people called in,
2:52
but only Bill of Portage was our winner, So we can only have one
2:54
winner, So congratulations to him for correctly answering that question. So, if
3:00
if you're wondering if you should collect your Social Security benefit earlier, or later
3:05
or somewhere in between, listen to our show. Maybe we'll get some good
3:08
information about that fantastic and very popular program. As you mentioned, we talk
3:13
about social security regularly because there's a lot of questions about it. And if
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you missed any part of that program, or missed any part of today's show,
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you can always sad on over to Classfinancial dot com, listen back to
3:23
the podcast, or even subscribe while you're there. That's Cossfinancial dot Com.
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That's k LaaS Financial dot Com. Phone lines are open right now to get
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on the air. Six oh eight three two one thirteen ten. That's six
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oh eight three two one thirteen ten. So this week the conversation it's going
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to revolve around caring and paying for our aging parents and how this might affect
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your retirement, right CJ. Yeah, this really can have an impact on
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our listeners and their future portfolios and their retirement plans. So the key words
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here that we're going to focus on today are longevity and planning. So when
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you think of the future, obviously we hope to have a long, healthy
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retirement, but that can create complexity as it relates to making sure we don't
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run out of money. So we're just trying to do some some reality setting
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today giving you some statistics around kind of the aging population and how many people
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are caring for family members. So we're going to jump into that here today.
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So beginning with currently seventeen percent of people living in the United States,
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which is about one in six or fifty five point seven million, we're sixty
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five or older. In the year twenty twenty one, again, seventeen percent
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of the people living in the United States as of twenty twenty one, we're
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sixty five or older, and an analysis of US census data conducted by the
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Population Reference Bureau predicts that that number will rise to almost eighty one million by
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the year twenty forty. So if you've listened to the news and they say,
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you know, baby boomers are retiring and we have a lot of people
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over the age of sixty five, and you're going, what is this referencing,
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Well, here's some of that supporting data. Right, Almost seventeen percent
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of the population is sixty five and older, and they predict that to be
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to go from fifty five million to eighty one million by the year twenty forty.
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The reason that's the problem, by the way, is because if you
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have too many people out of the workforce and too many people pulling from social
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security, it creates a problem. But as the massive baby Boomer generation ages
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and life expectancy in this country increases, so does the prevalance of chronic medical
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conditions like Alzheimer's and the need for long term care to support that person.
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With elder care services being very costly and long term care insurance premiums being expensive,
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countless seniors and their relatives prefer to keep the task of caregiving in their
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family. Of course, so you know, people say, well, how
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many people are caregiving? Well? According to a study by MetLife that looked
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at the economic impact of care for seniors, the number of adults taking care
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of aging parents has tripled in the past fifteen years, and a full twenty
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five percent of grown children are helping their parents by providing either personal care or
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financial assistance. Yes, I did say twenty five percent of grown adults are
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helping their parents by either providing personal care or financial assistance. Talking about so
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go ahead, run guys, just to say. Talking with CJ. Class
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and Lei Quavis, our retirement planning professionals from Class Financial film lines are open
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six eight three two one thirteen ten. The website class financial dot com.
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That's class klaas financial dot com and they're telephone number six eight four four two
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five six three seven. Sorry about that, CJ. Let's uh, let's
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get back into that, into that conversation about the caregivers. Yeah, no
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worries. Yeah, So you know, the question is who who are these
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caregivers? Exactly? And so eighty nine percent of caregivers in the US provide
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care for a relative or loved ones such as a spouse with and and the
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average caregiver is fIF about fifty years old. Uh. And with longevity,
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we're also seeing the effects that many of our clients who are in their fifties
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and sixties care for their parents, either financially or physically. And these,
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you know, those parents could be in their seventies, eighties, and nineties.
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So we are we're seeing and experiencing a role reversal. Right. You
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think of this like, oh, my parents raised me, and when I
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couldn't take care of myself, they took care of me. Well, when
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you're in your fifties and sixties, it's quite common now twenty five percent of
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the population as a matter of fact, is either physically or financially caring for
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their parents who might be in their seventies, eighties, and nineties. So
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while caring for your parents is certainly an important and compassionate thing to do,
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we want to highlight some realities associated with this, especially as you're working on
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your own retirement planning, because truth be told, as a retirement planning firm,
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our average client is sixty seven years old. So yes, our average
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client is sixty seven years old. That means that we have people who are
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bridging both sides of this gap. Right. We have clients who are in
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their fifties and sixties who are retiring or planning to retire themselves, and then
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we have clients who are in their seventies, eighties, and nineties who are
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receiving care, sometimes from their grown children. So we just need to talk
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about the realities of this. Number one reality is stress. First, recognize
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that caring for an aging parent is often a stressful, undertaking and time consuming.
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It can take a huge emotional toll on everyone in a family, but
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for women, the financial impact can hit especially hard. So long term care.
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For the long term care impact for caregivers is that the realities that most
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informal caregivers are female. As a matter of fact, it is seventy five
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percent of the time. So when we talk about there's a financial impact on
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a say, a grown child in their fifties and so ver sixties taking care
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of a family member, it is often one of your daughters who is caring
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for you, and that daughter who's in their fifties and sixties, it has
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a financial impact. And as a result of being the primary caregiver, that
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financial impact can be huge and oftentimes women lose value valuable time outside the workforce,
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which causes them to have fewer contributions to pensions and social security and retirement
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savings, vehicles, so on and so forth. Now, the cost in
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terms of hours and dollars spent, there's actually been some research on this.
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As of twenty eighteen, it was estimated that adult children who provide care to
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their parents devote an average of one hundred hours per month, which again can
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take a toll on both the finances and the health of that caregiver. And
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as baby boomers move into their eighties and the caregiver burden is likely becoming a
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bigger concern to the children, so There's been some studies done on the estimated
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financial cost of these uncompensated you know, children will call it, and lost
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wages, soci security benefits and pension benefits for care caregivers on average total about
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three trillion dollars across the American population. But if you break that out to
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you know, per adult child who is caregiving for a loved one, it's
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about three hundred and four thousand dollars of lost wages between socialecurity, pension income,
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four one K contributions, things like that. Now, we're not trying
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to scare you here, that's not the intent. It's rather just to kind
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of snap you into reality to say that's true, isn't it if I'm in
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my fifties and sixties and having to go from full time down to part time
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because I need to care for mom or dad, which is a loving thing
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to do. By the way, this is we don't suggest you don't do
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it. I want you to care for your parents. You just have to
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recognize that that is taking dollars off the table from your own future retirement,
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and it's certainly something you want to work through with your financial planner. Pretty
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eye opening data on information that is for sure. As we talk about those
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numbers and some of those statistics, we're going to talk about developing an action
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plan and some of the things you want to consider when it comes to helping
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your parents, especially before you reach this point. Really important about planning,
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as we talked this morning with CJ. Closs and Malia Quavis, our retirement
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planning professionals from Class Financial Dortfgate. You can learn more about Class Financial on
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their website. Great website, Coss Financial dot com. That's k l Aasfinancial
11:18
dot com. A telephone number six oh eight four four two five six three
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seven. No charge for the initial get to know you appoinment tech Coss Financial.
11:24
It is complementary to you again the number six oh eight four four two
11:28
five six three seven and to get on the air this morning regular studio line
11:31
six oh eight three two one thirteen ten. That's three two one thirteen ten.
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We'll talk more with Cjmalia and take your call next as Money in Motion
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with Coss Financial continues here on thirteen ten. Wuiba, This is Money in
11:50
Motion with Class Financial, a fun and informative show designed to help you get
11:54
answers to all your retirement questions in one place, and if you have a
11:58
question for our retirement planning professional phone lines are open for you right now at
12:01
six O eight three two one thirteen ten. That's six soh eight three two
12:05
one thirteen ten. You can learn more about Class Financial on their website class
12:09
financial dot com. That's k l a A S Financial dot com and their
12:13
telephone number six oh eight four four two five six three seven. No charge
12:18
for that initial gets to know you appointment at Class Financial. It will be
12:20
complimentary to you again their number six oh eight four four two five six three
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seven. Talking this week about caring and paying for aging parents and as we
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as I know, one of the big things and uh we talk about a
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lot of the show is planning, and an important part of that is planning.
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Same holds true here. I would assume as adult children, there are
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things we can do to help our help our parents ahead a ahead of time,
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aren't there? Yeah, there certainly is, and you know, timeans
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everything. We try to have relevant topics on our show at relevant times,
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and this certainly is a relevant relevant time of the year when we're moving into
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the holiday season and you might have an opportunity to spend some extra time with
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your family members such as your parents. So you know, I think what
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CJ has outlined for you, as you know, and again as planners,
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we want to face the reality that this will be an interruption, and again
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you should face the interruption, but it truly is an interruption to your life,
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your family's life, and financially could be a burden. So that's why
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we'd like you to take advantage of opportunities and that you have when you see
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your parents. And so really the first step is, honestly, just start
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the discussion. And that's where people are all like, well, I don't
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want to bring it up, and it's like no, no, no,
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this is a reality. It's kind of like death. Unfortunately, it's a
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reality. So start talking with you to your parents while they're healthy, especially
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while they're cognitively healthy. This is very, very important. And so if
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you can do that while they're healthy, having discussions on their future, that
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will help you provide for them in the way they want to be provided for.
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And we would also say please include discussions with your siblings if you have
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them, so that everyone is on the same page. And as adult children
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grow up, they're not necessarily always friends, but when it comes to their
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parents, hopefully they're able to bring people together within the family to do what
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mom and dad want. So we'd like you to sit down with your parents,
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honestly and review their health and medical support needs, like what kind of
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medications are you currently on? Are you seeing the doctor? Believe it or
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not, a lot of people never go to the doctor, and maybe they
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should be. And you know, we're not going to jump into estate planning
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today, but make sure that they have some of those things figured out with
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regards to medical power of attorney and that that's discussed in their estate planning documents,
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hopefully with a will as well, and make sure you gather their important
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health and medical contacts. You know, where the closest hospital is. Now,
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when we're talking about this, we're kind of talking about geographical you know,
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we're talking about a region and you're living kind of near your parents maybe
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and you're stopping by, but honestly, many people live very far away from
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their kids. I mean, my kids live on four corners basically of this
15:18
country. So thinking that there's always someone nearby is not necessarily the case.
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So that's why you're going to need to understand what the healthcare systems are near
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your parents, talk about their latest checkup and review any chronic conditions. Now,
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I realize people are prideful and they're like, I can take care of
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myself. I'm okay, and honestly, you know, so this goes for
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both sides of you listening. Some of you have parents that you need to
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eventually care for, and then you will be that person at some point as
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well. So swallow this and say, hmm, I want to I want
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to reach out to my adult children and be a little different when it comes
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to explaining to them my options. Discuss options for living arrangements. Now,
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many people want to remain in their own home, which is perfectly fine,
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but as they need extra help, you would want to find out from your
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parents what would make them most comfortable. Maybe there's some remodeling that needs to
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happen in their current home. And you know, alongside of that is who's
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going to finance that? So hence that could be an impact on your finances.
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And my last part on this particular section is, and this is for
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everyone to just you know, hear it and feel it is. Discuss when
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it's appropriate to hand over the keys and stop driving, having that conversation with
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your parents. Trust me, that's going to be a tough one. But
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when they have when your kids have that conversation with you, even tougher.
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So just swallow that seed of knowledge right now because at some point you personally
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might be able to drive, but you might be causing you know, potential
16:56
accidents for other people, So that you got to keep that in mind.
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Talking this morning with Midlia Quavis and CJ. Closs, our retirement planning professionals
17:03
from Class Financial. If you've got a question at time to get you on
17:06
the air six oh eight three two one thirteen ten to forget you can learn
17:08
more about Class Financial on their website class financial dot com that's Klaasfinancial dot com
17:15
and their telephone number six oh eight four four two five six three seven.
17:18
No charge for that initial gets to know you appointment deck Class Financially. It
17:21
will be complimentary to you again their number six oh eight four four two five
17:25
six three seven, And use that term prideful. When it came to health
17:29
and malia, finances are another one of those areas where it can be sometimes
17:33
difficult for parents to disclose that type of information. It certainly has been although
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Shawn's parents are going to be different stories and go straight to them and review
17:44
it with them. I'm sure, absolutely, but it is tough. We
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do see clients in their seventies, eighties, and believe it, even into
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their nineties who are like, I'm not telling my kids what I have,
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or I'm not going to tell and that's when things are good, or I'm
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not going to discuss my money troubles to my grown kids in their fifties or
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sixties. If you don't have any knowledge of where your parents are at and
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suddenly they need some care, guess what it's all going to be on you
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and your siblings to figure out how to adjust for that. And so as
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much information as you're willing or you're willing to give to your adult children or
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vice versa, is only going to help everyone to come up with a financial
18:25
plan. So I recently interacted with a extended family member whose adult children suggested
18:33
to him to get a reverse mortgage, which wasn't necessarily the right choice.
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Nobody asked me about that, And you know, it depends on the situation.
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But we're really looking at best case scenarios for you as you age,
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and so if your parents are a homeowner, you know you should go over
18:52
any outstanding mortgages or debt, or if there's no debt, are they thinking
18:56
about a reverse mortgage or something else. It's just good to have your hands
19:03
on what's in their minds so that you can come up with some appropriate planning
19:07
associated with that. So again, when you're discussing aging plans with your parents,
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make sure to get their thoughts on how they would like their finances handled
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if they're no longer able to make those decisions. Now this gets really touchy.
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Today. I'm clear minded, I can make my own decisions, but
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unfortunately, we're seeing more and more incidences of some cognitive issues and they can
19:33
happen very quickly. So just having that person in mind in the family that's
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able to say, mom, dad, I would help you pay your bills
19:41
every month or whatever could actually give them a good feeling that they's someone to
19:47
support them. You're going to want to know where their financial accounts are open
19:52
and contact information for their financial advisors. We spend a lot of time with
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our clients making sure that they hopefully can disseminate this information simply to their own
20:03
adult children. And you're gonna want to want to understand are your parents is
20:07
their income derived from Social Security which we assume, plus a pension, plus
20:12
outside investments, And then you're gonna also want to review their insurance plans.
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Do they actually have long term care insurance set up? Will that eventually pay
20:22
out to help with their care or do they have nothing? So you just
20:27
need to have that baseline of where are my parents currently and if something should
20:33
happen, how are we going to react to that and hopefully abide by their
20:37
wishes. Talking this morning with Malia Quavis and CJ. Closs, our retirement
20:40
planning professionals from Class Financial the website Cossfinancial dot com. That's k l aas
20:45
Financial dot com. Tell if number six eight four four two five six three
20:48
seven, no charge for that initial get to know you appointment tech COLSS Financial
20:52
eight. We will be complimentary to you again the number six oh eight four
20:55
four two five six three seven. So, Malia, once we get all
20:59
this information and have these conversations, it's time to take action, isn't it
21:03
right? And really we're saying create a caregiving plan and it's an informal caregiving
21:07
plan. Okay, Again, this is between you, your parents and your
21:11
siblings, mom and dad or mom? You know what would we do if
21:15
this situation happened? What would they want you to do? Where do they
21:18
want to live? Do they want to stay in the same community? Do
21:22
they eventually want to move closer to their children? Now I'll tell you most
21:25
of my clients when I say so your kids all live in North Carolina where
21:30
the weather's really nice? Are you thinking? And they're like, no,
21:33
I have no interest in living with my kids. So you know, it's
21:36
kind of interesting. But eventually push comes to shove. Someone's going to have
21:41
to react if you're going to get the kind of care you want from your
21:45
children. And finally, review their estate planning. Like I mentioned, make
21:48
sure they have they've done, They've done at least a basic will power of
21:52
attorney documents and so that if they haven't, you can help get that accomplished
21:57
before something could happen to them. A lot of vital information this morning,
22:02
important conversations to be had in plans to be made. Don't forget as we
22:04
talk about planning, we talk about those conversations. Great opportunity as we talk
22:08
with CJ. Class and Malia Quavis from COSS Financial, Great opportunity to have
22:11
a meeting with them, not going to cost you a thing. That initial
22:15
gets to know you conversation. It is complementary to you. The telephone number
22:18
at Coss Financial six oh eight four four two five six three seven. Again
22:22
that's six oh eight four four two five six three seven. The website Cossfinancial
22:26
dot com that's Klaas financial dot com. Great website. Not only to learn
22:30
more about Class Financial, I'll seek subscribe to the podcast listen back all online.
22:36
As we know bad people, bad actors, They are very clever and
22:38
they love taking advantage of people. We'll talk about the importance of making sure
22:42
that your parents are safe from those folks. We had some of the details
22:47
from CJ. Malia next as Money in Motion with Coss Financial continues right here
22:51
on thirteen ten WIBA. This is Money in Motion with Coss Financial, a
23:00
fun and informative show designed to help you get answers to all your retirement questions
23:03
in one place. Joined this week by our retirement planning professionals Maleia Quavis and
23:08
CJ. Closs. Of course, they come to us from Class Financial.
23:11
The website class financial dot com. That's k l a As Financial dot com.
23:17
And they're telephone number six O eight four four two five six three seven.
23:21
No charge for that initi you'll get to know you appointment tech coss Financial.
23:23
It is complementary to you, will be complimentary to you. And again
23:26
the number six oh eight four four two five six three seven talking about caring
23:32
for our aging parents and unfortunately there's not not everybody is a great person,
23:37
and there are things that we need to do to protect ourselves but also protect
23:41
older parents from people trying to take advantage of them. What are some of
23:44
the things that you can be doing and some things to talk about with your
23:48
with your parents when it comes to this area. Yeah, this is really
23:52
important. You actually have some of this going on in my own family right
23:56
now with some some declines in health and just trying to step up and help
24:03
family members with care as they move forward along with the whole car keys as
24:07
Milia was talking about. But then we get into then we get into scams.
24:11
So here's some thoughts. Number One, don't let your parents fall for
24:15
these scams. If possible, your parents are trying to boost their nest egg,
24:19
they may be tempted into making investments that promage promise huge returns but are
24:25
in reality scams, so just be watching out for that with your parents.
24:29
Again, declining mental health may also affect their ability to make wise decisions,
24:33
which is often why scammers will actually target aging individuals. Keep track of where
24:41
and how your parents are spending their money, so if possible, just kind
24:44
of get access to their bank accounts and once a month or so log in
24:47
to take a look at what's going on with their cash flow and be on
24:51
the lookout for any major transactions that they're doing. Just again, that could
24:55
be a signal of some somebody in their life scamming them. I'll be frank
24:59
with you quite off and it's actually family members. We're not going to talk
25:03
a lot about this. It's an unfortunate reality. But sometimes it's one of
25:07
the children or one of the grandchildren that have fallen on hard times and they
25:11
know that grammar or Grandpa care for them and they're declining, and so sometimes
25:15
it can be a family member taking advantage of an aging grandparent and then consult
25:22
with your parents together with their financial planner to understand their reality and what may
25:26
be coming in the future. So we do this quite often where we have
25:30
the children of our aging parents come in and they'll just sit in for a
25:33
review, and they might ask a question or two throughout, just to understand
25:36
what it is that we're talking about. But often it's just I just want
25:38
to know where things are and what's happening and who to go to. And
25:42
often that what we hear from those from those adult children is, hey,
25:48
I just have a better sense of what's going on now, and I know
25:52
where to go if anything, if anything happens, or anything goes wrong.
25:56
And then finally, in all of this, make sure you care for yourself.
26:00
When adult children provide care for aging parents, research has found that their
26:06
own health suffers. So people who are family caregivers are more likely to suffer
26:11
from depression, stress, heart disease, alcohol abuse, and other forms of
26:15
problems in your life. So so yes, be watching out for your parents,
26:19
watch out for scammers, watch out for problems that could be going on
26:26
in your parents' cash flow. But also, in the midst of all of
26:29
this, make sure you are aware are aware of your own mental health in
26:32
the midst of all of this, and hopefully you know Hopefully this has given
26:37
you some good tips to watch out for. Kind of reminds me of last
26:38
point of way. You know, most of us kind of tune out those
26:41
pre flight instructions on the on the on the plane, but they point out
26:45
make sure if you're in a situation, mask your mask on first, and
26:48
then assist others. Same thing as if is if you're if you're not in
26:51
a good position, it makes you very difficult. It makes it very difficult
26:53
for you to help others around you, including of course the people that matter
26:57
most to you, your parents and your family, so really important stuff.
27:00
If you missed any part of today's program, don't forget. You can always
27:03
listen back to the website Classfinancial dot com. That's Klaas Financial dot com.
27:08
You can also subscribe to the podcast right online. The telephon number for Class
27:12
Financial six oh eight four four two five six three seven. No charge for
27:17
that initial get to know you appointment at COSS Financial. It will be complimentary
27:21
to you again their number six oh eight four four two five six three seven.
27:25
Hold on to that number as well, because it's time now for the
27:26
COSS Quiz Question the Week. It works like this, In just a moment,
27:30
I'll ask you the Class Quiz question the Week. You'll then have thirty
27:32
minutes from the inter today's program to call the COSS Financial office right here in
27:34
Madison at six oh eight four four two five, six three seven. If
27:38
you are the first caller with the correct answer, we'll win this week's prize,
27:41
which is a twenty five dollars gift card to Cracker Barrel. This week's
27:45
Coss Quiz question the week is this true or false? According to the twenty
27:51
twenty one data, adults age sixty five or older account for almost seventeen percent
27:57
of our current population. Telephone number six oh eight four four two five six
28:03
three seven. First call with correct answer one, that's twenty five dollar gift
28:04
card to Cracker Barrel. Don't forget that it's also Class Financial's office right here
28:08
in Madison. Six oh eight four four two five six three seven. C.
28:12
J. Malia, It's always great chatting with both of you. You
28:15
enjoy this fantastic day. Thanks Sean, Thanks Sean. News comes your way
28:18
next right here on thirteen ten WIBA. This is Money in Motion with Coss
28:27
Financial Asset Advisors, LLC, a registered investment advisor registered with the SEC.
28:34
The content of this show is for informational purposes only and should not be considered
28:40
individual investment advice. Class Financial does not offer tax or legal advice. Any
28:45
opinion offered during the course of this show is the opinion of that particular investment
28:49
advisor representative, and not necessarily the opinion of Coloss Financial