More American families are confronting a financial challenge that few prepare for: the moment when an adult child needs to step in and help an aging parent manage money. Experts say the transition is rarely simple, and the stakes are rising as the U.S. population grows older and lives longer.
The country's population age 65 and older reached 61.2 million in 2024, up 13% from 54.2 million in 2020, according to the Census Bureau. Once a person reaches 65, life expectancy extends another 20.8 years for women, up from 19 years in 2000, and 18.4 additional years for men, up from 16 years in 2000, based on 2024 data from the Centers for Disease Control and Prevention.
That longer lifespan brings greater exposure to financial risk. Scams reported to the Federal Trade Commission by adults age 60 and older totaled $2.4 billion last year, up from $1.9 billion in 2023 and $600 million in 2020, according to CNBC. Scams involving individual losses of $100,000 or more accounted for $1.6 billion of that total.
The caregiving burden falls heavily on a specific group. Of an estimated 63 million caregivers in the United States, 48% are helping individuals age 75 and older, according to a 2025 joint report by AARP and the National Alliance for Caregiving. Another 38% care for those between ages 50 and 74. Three in five caregivers are women.
Financial planners say the difficulty is not just logistical. Families often find themselves navigating competing priorities when the topic of money comes up with an aging relative.
"There are two things potentially in conflict — adult children are worried about safety and security, and parents are worried about autonomy and independence," said certified financial planner Lisa Kirchenbauer, a founding partner and senior advisor for Omega Wealth Management in Arlington, Virginia.
Starting the conversation early is something advisors consistently recommend, even when no immediate problem exists. Carolyn McClanahan, a certified financial planner and founder of Life Planning Partners in Jacksonville, Florida, said the potential for financial caretaking "should be a family conversation many years before the need arises."
Kirchenbauer offered one way to open the door without creating tension. "Sometimes I coach my clients to use us as an excuse to say, 'I just met with my financial planner about my estate plan and financial organization, and I'm curious about how you organize your finances, or when was the last time you updated your estate plan,'" she said. She added: "You want to be really low-key and just start to understand how they organize their finances and where their important documents are. That's a great step in the right direction."
Experts also note that aging does not follow a single pattern. Many people stay financially independent well into their later years, which makes it hard to predict when or whether help will be needed. That uncertainty is part of why financial planners encourage families to have the conversation before it becomes urgent, rather than waiting for a crisis to force the issue.
