Joseph Coughlin, director of the AgeLab at MIT, talks about how every country has the same secret weapon for taking care of aging parents — “the oldest adult daughter.”
“The No. 1 technology to take care of an aging society around the world has been the oldest adult daughter: a woman between 47 and 57 who is helping to provide care or making the decisions.”
Coughlin has a unique perspective on the aging process and how to prepare for it. He says you need to plan ahead to come up with a strategy for managing your finances as you age, and the key is finding trustworthy advisors. “Do the research now to find people who can help you as you age — a trusted network of professionals and the people who love you,” advises Coughlin.
And just because you are helping your aging parents now doesn’t mean your kids will be there for you as you age, says Coughlin. “The baby boomers will be different. Not only did they have divorces and fewer kids, but the kids are moving elsewhere,” he warns.
Source: Joseph Coughlin, as quoted in “Planning for a very long retirement” by Penelope Wang, Money magazine, November 2012