Among the issues the sandwich generation needs to address when caring for their elderly parents is the financial situation, a financial planner warns.
Andrew Novick, vice president of client service at Condor Capital, said caring for the elderly could be quite expensive. If they are not in good financial shape, they might require supplemental financial assistance. Therefore their children must do an examination of their own financial picture.
If the parents want to stay in their current home, but are having some difficulties, he recommends finding home care. Alternatively, a move to a retirement community such as an independent or assisted living facility might be appropriate.
Novick notes that when investigating housing options, it is important to completely understand the costs and services provided.
For some families, having mom and/or dad move in could be the best option, but even in this case costs and expectations regarding these living arrangements need to be discussed upfront.
