The Money Maze
Reviewed by the How To Help Your Elders editorial team | Updated March 2026 A financial power of attorney is the single most important legal document your parent can create before a health crisis hits. Without one, you have zero authority over their accounts, and the only alternative is an expensive,
The Money Maze
Reviewed by the How To Help Your Elders editorial team Your parent has been working with the same financial advisor for fifteen years, and that person has done fine managing investments. But now your parent is 78 and might need care soon, and the investment portfolio seems less relevant than
The Money Maze
Reviewed by the How To Help Your Elders editorial team Your parent mentions that someone called about an annuity, or a relative suggests buying one for guaranteed income. You look it up and find articles calling annuities terrible rip-offs right next to articles promising lifetime security. The confusion is real
The Money Maze
Reviewed by the How To Help Your Elders editorial team | Updated March 2026 Once your parent turns 73, the IRS requires them to withdraw a minimum amount from their traditional retirement accounts every year, whether they need the money or not. Missing this deadline triggers a 25 percent penalty. This
The Money Maze
Reviewed by the How To Help Your Elders editorial team If your parent can't work because of a serious health condition and hasn't reached retirement age, Social Security Disability Insurance may provide monthly income they've already paid for. The average SSDI benefit is approximately
The Money Maze
Reviewed by the How To Help Your Elders editorial team When your parent claims Social Security can change their lifetime benefits by tens of thousands of dollars. Claiming at 62 permanently reduces the monthly check to roughly 70 percent of the full benefit, while delaying to 70 increases it by
The Money Maze
Reviewed by the How To Help Your Elders editorial team Reverse mortgages carry real financial risks that marketing materials deliberately downplay. Before your parent signs anything, you need to understand how compounding fees erode equity, what happens if they move to a care facility, and why cognitive decline makes these
The Money Maze
Reviewed by the How To Help Your Elders editorial team | Updated March 2026 A reverse mortgage lets your parent borrow against their home equity without making monthly payments, but the costs, rules, and risks are more complicated than the TV commercials suggest. This article explains how reverse mortgages actually work,
The Money Maze
Reviewed by the How To Help Your Elders editorial team According to Genworth's 2023 Cost of Care Survey, the median cost of a private nursing home room is $9,733 per month. Assisted living averages $5,350, and a home health aide runs $5,148 monthly at 40
The Money Maze
Reviewed by the How To Help Your Elders editorial team Your parent is over 65 and has no health insurance, or they have Medicare but skipped supplemental coverage, or they missed the enrollment window entirely. A doctor's visit would be a stretch. A hospital stay would be devastating.
The Money Maze
Reviewed by the How To Help Your Elders editorial team Your parent heard that someone's mother lost her house to nursing home costs, and now they're worried. They want to protect what they've built, but they're terrified of doing something illegal. The
The Money Maze
Reviewed by the How To Help Your Elders Team | Updated March 2026 Hiring an elder law attorney for Medicaid planning costs money upfront and can save your family tens or hundreds of thousands of dollars in nursing home bills, penalty periods, and lost assets. Whether it is worth the cost