How Military Families Can Prepare for Elder Care Costs
Caring for elderly parents is an often overlooked budget item but one that can come with high expenses in the future. If caring for your older parents, grandparents, or loved one is important to you, make it a priority in your finances now.
In this episode, John Osarczuk shares tips for financially preparing to pay for elder care costs, what that looks like each month, and mistakes to avoid that can cost your money and quality of life for your loved ones.
John is the Executive Vice President and National Director of Advisor Operations at First Command Financial Services. He’s a graduate of the United States Air Force Academy with a Bachelor of Science degree in Human Factors Engineering, John served in the U.S. Air Force as a pilot for 10 years, attaining the rank of captain. In 1996, he received an MIS degree in Information Systems Technology from the University of Maryland University College. John worked in the manufacturing industry as both a product manager and new product development manager from 1996 to 2004.
Prepare for Elder Care Costs Episode Details
- The impact paying for a parent’s care has on service members
- Average monthly costs for parent’s care
- How military families pay for the costs of their elder parents
- How those costs compare to their civilian counterparts
- The impact paying for a parent’s care has on a military marriage
- How to better prepare to shoulder those costs
- Advice for talking with your parents to set expectations
- Mistakes people make in the planning
- How you can protect your future needs and take care of family
Related Content: Prepare for College Savings with 529 Plans
Prepare for Elder Care Costs Resources
More podcasts: How to Use the TSP to Save for Retirement
Military Money Show Sponsor
The Military Money Show is supported by Navy Federal Credit Union. For more than ninety years, Navy Federal has made it their mission to help people in all branches of the military and their families. We’re kicking off Military Appreciation Month, so a big shout to all of you who have served in the military and to all of the family members who have taken up that service too. Thank you for all that you do and have done! You can learn more about how Navy Federal is celebrating the commitment that connects them to their members at navyfederal.org.
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These notes may contain links to our affiliate products or services, which means I might get compensation when you click or buy. That said, I will only put affiliate links that align with our podcast discussion.
If you want to “kickstart” your finances in the military, you can get access to my free Financial Kickstart Kit here.
