So Money with Farnoosh Torabi 1857: Ask Farnoosh: Affording My Parents' Care with Georgia Lee Hussey
Jul 25, 2025
Georgia Lee Hussey, founder of Modernist Financial and a New York Times expert on elder care financing, joins to discuss the pressing financial challenges of affording care for aging parents. She shares strategies for the ‘sandwich generation’ managing both children and elderly caregivers. The conversation dives into the emotional complexities of long-term care planning, the risks of Buy Now Pay Later services, and the necessity of open communication about finances within families. Hussey emphasizes innovative solutions like legal help with Medicaid and the importance of estate planning.
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Wealthy Clients Also Struggle
- Even wealthy clients face challenges affording elder care costs due to insufficient parental retirement savings.
- Elder care financial stress affects multiple income levels, challenging the notion of guaranteed financial security.
Long-Term Care Costs Are High
- Long-term care costs far exceed typical retiree resources and are often unaffordable without external support.
- Caregiving involves intensive, 24/7 support that many families cannot provide themselves.
Boomers' Retirement Challenges
- Baby boomers face unique retirement challenges, including the loss of pensions and having to fund their own retirement on 401(k)s.
- Increased career changes, rising living costs, and lack of parental retirement examples complicate their financial preparation.