Assisted living centers can be expensive, and having mom and dad move in with you can save them money, give you peace, and even save you a few dollars.
Many home owners have parents who are at the age where they could use some help either physically or with making decisions. Helping parents when they live miles away can be a real challenge and may require a lot of time in phone calls and travel.
An interesting option is to have your parents move in with you, but you immediately ask, "where will I find room for mom and dad and their belongings?" I did some research on this topic and found more benefits - and possible financial pitfalls - to having parents move in with adult children. Building a small in-law apartment on your property or even moving to a bigger home can be affordable if you work out the finances with mom and dad and could easily let them keep more of their retirement savings than paying an assisted living facility or other retirement community.
With the proper financial advice and with enough forethought, having mom and dad move in with you is a win-win situation. Read more about how to go about setting up a household with your parents in Is Assisted Living Affordable - Planning to Share Your Home with Aging Parents.
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