[Editor’s Note: For today’s WCI Network post we hear from Passive Income, MD about how he has approached the problem of making sure his parents are taken care of financially as they get older. If you think there are vast differences between the financial situation of one doctor compared to another, those pale in comparison to the differences in parental situations. Some doctors have parents that are completely dependent on them, while other expect substantial inheritances. Either way, you will likely be called on to help in some manner. Hopefully this post will help you be prepared. ]
As I’ve aged and moved into different stages of life, I’ve found that each one comes with its own set of new financial responsibilities and issues. My wife and I got married during residency and we started dealing with how to manage finances as a couple. We had a child two years out of fellowship and so our attention started turning to how we were going to provide for our children both now and in the future. The one area we didn’t spend too much time thinking about or devoting energy to was how we were going to take care of our aging parents financially.
In an ideal world, everything would be all packaged up and ready for you when your parents need your help. However, we know that will definitely not be the case for most people. My father recently retired and as a family, we only started having conversations about my parents’ financial situation in the months before my