It’s almost as inevitable as death and taxes that late in life, many people find it a struggle to pay their taxes – not to mention their cable and water bills. With the aging population growing rapidly, it’s a situation that will only become more common. According to the Department of Health and Human Services, by 2030, there will be 72.1 million people over age 65, more than twice the number in 2000. A sobering view came from an AARP report earlier this year that stated, “the supply of family caregivers is unlikely to keep pace with demand to assist the growing number of frail older people in the future.”
So if you find yourself observing your parents or an elderly relative and believe they need a helping hand paying the bills, here are a few of many issues to consider.
Look for signs your parent or elderly relative needs help. Because they probably won’t advertise that they need assistance.
“For years, my parents were making a mess of their finances and none of their seven children knew,” says Mary Meyer, 48, a freelance writer in St. Charles, Ill. “They are 80 years old, and at some point, they lost track of the amounts they were spending and weren’t paying bills on time, if at all.”
It didn’t help that her parents had health issues that took a toll on their cognitive abilities. Meyer’s mother had a stroke in 2004, and her father was diagnosed with colon cancer in 2009. Still, they appeared to get through their health issues without too many problems. “We made the mistake of thinking everything was okay because my parents sounded okay,” Meyer says.
Full story of helping elderly pay their bills at US News Money