When Parents Outlive Their Savings: A Family Guide
Nearly one in four Americans today are financially supporting an aging parent. For many adult children, this responsibility comes on top of mortgages, childcare, tuition, and their own retirement planning. This guide is designed to help families navigate the challenges and identify solutions when parents outlive their savings.
Step 1: Assess Your Parents’ Financial Situation
The first step in supporting your parents is understanding where they stand financially.
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Review your parents’ income streams: Social Security, pensions, savings, and investments.
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Document their monthly expenses: housing, healthcare, medications, groceries, transportation, and personal needs.
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Identify gaps: where income falls short of covering essential needs.
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Discuss wishes and priorities: Do they want to remain at home with support services, or would they consider moving into a senior living community?
Having an honest, proactive conversation will help prevent future crises and clarify what’s most important to your parents.
Step 2: Understand Senior Living Options
Not all senior housing options are the same. Families should familiarize themselves with the three main senior housing categories:
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High-End Senior Living: luxury residences designed for retirees with significant savings and income. These often feature resort-style amenities and premium services.
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Subsidized Housing: income-restricted options supported by government funding, designed for low-income seniors.
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The Missing Middle: communities for older adults with modest savings, who do not qualify for subsidies but cannot afford luxury prices.
It’s important to recognize that housing alone may not always be enough. As parents age, healthcare and supportive services typically become essential, making it wise to consider providers who offer both housing and care.
Step 3: Plan for Care as Well as Housing
Families often focus on where their parents will live, but how they will be cared for is equally important. Look for communities that offer a continuum of care, such as:
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Independent living
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Assisted living
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Memory care
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Skilled nursing
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Rehabilitation
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Home health and hospice
When exploring the available options, ask “If my parents’ health changes, will they need to move, or can they stay within the same community?” The stability offered from having housing and services under one roof can help reduce the stress and uncertainty of multiple moves.
Step 4: Explore Affordable Senior Living Options
When reviewing senior living, affordability should always be a priority.
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Compare across price points: from premium apartments and villas to mid-market communities and affordable housing designed for seniors on fixed incomes.
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Understand payment models: monthly rentals, entrance fees, and income-based pricing structures.
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Ask about long-term affordability: What happens if your parents’ savings run low? Will they be supported or asked to leave?
Doing this research early prevents surprises and helps you find an affordable senior housing option that balances cost with quality care.
Step 5: Protect Your Own Financial Health
Supporting parents financially is admirable, but it should not come at the expense of your own stability.
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Set clear boundaries: know what you can and cannot contribute without jeopardizing your own future.
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Explore insurance and benefits options: review long-term care policies, as well as Medicare and Medicaid eligibility.
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Consult with an expert: a financial advisor familiar with senior living expenses can guide you through planning.
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Don’t go it alone: involve siblings and relatives in shared decision-making and financial support.
This ensures that while your parents receive the help they need, you can continue planning for your own future as well.
Step 6: Evaluate Senior Living Providers Carefully
When choosing a senior living community, look beyond brochures and sales pitches.
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Check the continuum of care: can the provider support your parents’ needs at every stage of aging?
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Look for transparency in pricing: hidden fees can add up. Ask for clear cost breakdowns.
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Visit communities in person: talk with residents and their families to get a better idea of what life is like there.
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Prioritize dignity and security: amenities are nice, but quality of care and compassion should always come first.
Masonicare’s Commitment: Senior Living for Every Stage of Aging
At Masonicare, we have intentionally designed housing and services for every income level and every stage of aging:
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High-end villas, cottages, and luxury apartments for those seeking independence with premium amenities.
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Mid-market communities that offer high-quality living at attainable rates.
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Affordable apartments provide safe, dignified housing for seniors on fixed incomes.
Every option comes with seamless access to our full continuum of care—from independent living to home health, assisted living, memory care, skilled nursing, and hospice. Families can rest assured that as needs change, the right support is already in place.
Final Word for Families
No one should have to choose between financial security and a parent’s well-being. With thoughtful planning and the right senior living partner, you can ensure safety, dignity, and peace of mind for your loved ones.
The Essential Checklist for Supporting Aging Parents
- Access finances and wishes
- Understand housing categories
- Prioritize access to care
- Explore affordability across price points
- Protect your financial health
- Choose providers that offer dignity, security, and continuity
At Masonicare, our promise is simple: there is a Masonicare for everyone—and we are here for every stage of aging.
Need Help Getting Started?
If you need assistance, Masonicare offers a free service called CareConnect to guide families through the process. You can reach CareConnect at 203-679-6907 to talk with a Certified Choices Counselor who can help you explore options, answer questions, and find the right solution for your family.
