Around the world, it has been commonplace for younger generations to take care of the older generations. Extended families lived in the same home; grandparents took care of grandkids while parents worked. As grandparents got older, they were the ones that needed care from their children. Today, it's become reality for so many of my clients, especially those caught in what we call the "Sandwich Generation," to care for the generation above and below at the same time. One of my coworkers shared her story about this very topic.
Her father has spent years caring for both his own children and his aging mother. It's a balancing act that would challenge anyone. As his mother's health began to decline, the unpredictability became exhausting. There was always the worry in the back of his mind: Will she fall? Will she remember her medications and appointments? And then came the diagnosis of dementia.
Her aunt stepped in help carry the load; she handled preparing meals, scheduling appointments and general day-to-day care. Her father became the chauffeur, driving his mother to doctor visits and errands. Between the two of them, they were managing, but it was draining. The stress was constant, the schedule was irregular, and there was always that underlying anxiety about what might happen next. Fortunately, a younger family member was able to move in with her; someone to help if she fell and more timely assistance with daily tasks. It wasn't a perfect solution, but it gave them comfort knowing she was not alone.
I have seen firsthand how this level of care and concern wears on the caregiver and their immediate family. As a financial advisor, I have seen families who fare best are the ones who plan ahead. They don't wait until they're in crisis mode. They don't scramble to figure things out when health takes a sudden turn. Instead, they have conversations now. They explore their options and understand what resources are available to them. Whether it's investigating in-home care through senior resources, exploring long-term care insurance, or simply having honest conversations with aging parents about what they want and need, planning can dramatically reduce financial and emotional stress. You are not alone! There are resources available that allow aging parents to stay in the homes they love while receiving the professional care they need. Through resources like RBC Resources for Independent Living, families can explore in-home care services that bring support directly to them. Whether it is helping with daily tasks, medication management or even daily companionship.
If you're in a similar situation or concerned you might be, let us help you plan for what feels best for your loved ones and your family's future. You can also visit our aging well website at https://www.rbcwealthmanagement.com/en-ca/campaign/aging-well for more information.
The Krause Collective is full-service financial services team that offers individual investors, families and business owners the resources needed to help meet your financial goals and estate considerations. If you would like to get the conversation started on how we can help with these and other wealth strategies, please give us a call at 425-712-7309, or visit our website at www.krausecollective.com to learn more.