Caring for an Aging Parent
Helping your parents remain independent in their later years is one of the greatest gifts you can give them.
The decisions you make together at a time like this can be difficult emotionally for you, and for them. During this challenging time, we can help you consider all your financial options and the implications of your choices.
Recommended products and services:
Consider tapping into your home’s equity – or the equity of your parents’ home – for a loan or line of credit to pay for care.
Citizens Investment Services offers Long Term Care insurance that can protect you and your loved one’s assets from the rising costs of long-term care. Long term care insurance allows you to remain independent and in the life style you've grown accustomed to. Citizens Investment Services offers other asset protection products such as Life and Disability Income insurance.
Your parents always took care of you. Our Financial Consultants will help evaluate your needs, risk tolerance, and time frame so you can afford to return the favor.
Choosing the right savings account can help you be prepared to cover any loss of work or unexpected expenses as you’re caring for a parent. We offer a number for you to choose from.
In challenging times, you need a solid retirement strategy. Citizens Investment Services offers a variety of investment options, including top-performing mutual funds and annuities, to help you and your parents prepare for a secure retirement.
Questions to start the conversation:
- How much do your parents have in savings?
- What kinds of medical, home, and car insurances do they have?
- If they are homeowners, have they explored refinancing their home?
- If they are homeowners, have they explored selling their home?
- Have they explored the emotional and financial benefits and drawbacks of assisted living facilities?
- How much will your parents be depending on you and other family members both financially and emotionally? How can you best prepare for that?
You may also be interested in:
Bank when you want to: go online to check your account balances, transfer funds, find out when checks cleared, and see up to 18 months of history on your Citizens Bank accounts. Set up bill payment for one-time fees or recurring payments. Guaranteed security!
Citizens Bank Debit Card
Never write a check again: the Citizens Bank Debit Card allows you to draw from your checking account without picking up a pen. And if you need cash, use your Debit Card at thousands of ATMs. Easy access to your money whenever, wherever you need it.
Citizens Bank Switch Support makes it easy to switch your accounts to Citizens Bank. Our dedicated team will help you move your direct deposits and change your automatic payments from your old account to your new Citizens Bank account.