What to know about paying for elderly parents’ expenses
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Taking care of your elderly parents’ expenses can be a burden if you did not plan for it.
ST PHOTO: KUA CHEE SIONG
Elizabeth Harris
Families, particularly those headed by members of Generation X, are confronting what older relatives may need and from whom – whether loved ones or professionals. It is the part of retirement no one wants to consider, yet for many it will touch every facet of life, like finances and healthcare, and the most fundamental questions of where and how to live.
Retirement at a very advanced age is a possibility that longevity experts say could become a reality. In a 2025 survey by the TIAA institute, only 33% of respondents answered correctly when asked how long a 65-year-old typically lived. The answer: For a woman, the average is 87 years and for a man, 84.