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However, for many Gen Xers,its a different story.
Prudential Financials recent2024 Pulse Of The American Retiree Surveyhighlighted that the average Gen Xer is critically unprepared for retirement.
So, millennials and Gen Zers who leaned on their older parents may now have to return the favor.
Ask yourself: Am I in debt?
Am I on track to comfortably retire?
Do I have the knowledge and expertise to provide help?
Your financial well-being should be in good shape before you help your aging parents manage their own finances.
If you suspect something is off, dont hesitate to ask.
Start the Conversation
Talking about finances, especially with aging parents, can be uncomfortable but is also crucial.
Theres no way to understand your parents finances without talking about them.
The better their financial situation before they fully retire, the less they may lean on you later on.
Research Government Programs
Several income and age-based government programs offer financial assistance to low-income Americans.
Be sure to do your research to see what kinds of government assistance theyre eligible for.
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