Determining how to help elderly parents manage daily living on retirement funds can be a difficult task, but can be achieved with some detailed processes- and possibly some outsourcing. There may come a time when they can longer handle these details on their own, and seeking the assistance of an attorney or financial adviser may be necessary. Generally speaking, retirees need to cover approximately 60% of their daily living expenses, with Social Security accounting for the remaining 40%. This rule of thumb can help you determine what expenses can be eliminated or what other sources of income or investments need to be tapped. Professional help directories can also be found online at www.eldercare.gov or toll-free 1-800-677-1116.
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Tips on helping elderly parents handle their finances