The National Council on Aging reports 45% of older adults lack income to support needs. Assisted living averages $5,190 monthly. David, 55, faces a $7,500/month specialty care cost for his father, Frank, 83. Frank receives $4,000 Social Security, owns a $300,000 ranch, but faces a $3,500 monthly gap.

Options for David include selling Frank’s home for income, investing in a lump-sum annuity, or considering Medicaid. An elder law attorney can help protect assets. Emotional ties to parent care may not align with financial wisdom. Long-term care planning is crucial as life expectancy rises.

Conversations about aging and finances are essential, setting firm boundaries is not selfish. Seeking financial advice can provide clarity. Planning for health-related transitions early is key. Sacrificing your financial security for a parent’s care is not recommended.

Read more at Yahoo Finance.: My dad now needs assisted living at roughly $8,000 monthly. How can I help his retirement money go further?