Taking Care of Mom and Dad: The Mechanics of Taking Care of Your Parents in Their Time of Need

Book Description
Caring for aging parents--from establishing power of attorney to investing wisely for catastrophic medical care to the impact of role reversal--is going to be a grim reality for many Americans. The statistics are scary: Two out of every three people under 40 in the year 2000 will have to either assist or maintain an elderly parent's lifestyle during that parent's life. The old model of relying on pensions or Social Security doesn't work anymore in the New Economy. This means that the assumptions at the base of the average American's financial planning no longer apply. Sons and daughters caught in the ÒsandwichÓ generationÑbetween needy children and frail parentsÑknow that this surprising social change can be a crippling financial burden. People in early middle-age now need to take a more aggressive role in the financial life of their mothers and fathers, and then cope with the difficulty of switching traditional roles with their parents. With an actuary's eye for detail and a caring son's attention to nuance, the author guides the reader through the financial, bureaucratic and sociological thickets to a clear understanding of what it takes to actually take care of mom and Dad!

About the Author
Mike Rust is a pension actuary who consults with employers on the design and administration of retirement plans. Graduated from the University of Wisconsin in 1988, Rust is an associate of the Society of Actuaries. He lives in North Carolina.


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The aging population is no longer about demographics, states Rust, a pension actuary who consults with employers on the design and administration of retirement plans. It is about aging parents who need the help of their adult children. Not quite as sharp as they once were or perhaps physically unable to care for themselves, these parents require more services and may not know how to go about securing them. Though Social Security was once Americans' major source of retirement income, it now has fundamental problems, and "as more Americans live longer, Social Security is heading for an actuarial disaster," asserts Rust. Rust's book is a timely and well-written guide for adult children, their parents, or anyone planning for old age. Each chapter starts with a real-life case study followed by a detailed discussion organized into two parts: effective ways to get the most for your parents and the physical, emotional, and family issues that affect them directly. The full range of relevant topics include insurance, retirement accounts, government programs, the transfer of authority (complete with sample power of attorney and living-will forms), and more. This clear, comprehensive, and well-organized book is recommended for public libraries.-Bellinda Wise, Nassau Community Coll. Lib., Garden City, NY Copyright 2003 Reed Business Information.


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