Empty Nest

The Cost of Caring for an Elderly Parent

Content type: Article

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Taking care of an elderly parent on top of your own family responsibilities can be as time consuming and exhausting as it is expensive. To help manage, have open conversations early on about how your parent wants to spend his or her golden years — and what you can contribute in time and money — and carefully weigh all of the options together. Read More about The Cost of Caring for an Elderly Parent

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Live Fully

The years between raising a family and retirement can be full of new adventures, maybe even travel or a second career. At the same time, you may be supporting adult children or elderly parents while you try to save for retirement. Stay informed and keep a close watch on your long-term financial plan.

Have a Plan

Now that the children are grown, it's a good opportunity to take stock of where you are — and where you want to be in 10, 20, 30 years. Write down your goals on paper and stick to them.

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Match Investment Risk to Life Stage

As you draw closer to retirement, review your saving strategy and portfolio. Plan to diversify your investments and reduce your risk. Consider allocating a greater portion of your funds to more stable, income-producing investments.

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Match Investment Risk to Life Stage

Using one of our overdraft protection products — a credit card, line of credit or savings account — is a much less expensive option than the cost of an overdraft.

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