{"id":276,"date":"2026-05-04T08:00:40","date_gmt":"2026-05-04T13:00:40","guid":{"rendered":"https:\/\/treecitytax.com\/blog\/?p=276"},"modified":"2026-05-07T09:31:42","modified_gmt":"2026-05-07T14:31:42","slug":"how-to-support-aging-parents-with-rising-costs","status":"publish","type":"post","link":"https:\/\/treecitytax.com\/blog\/how-to-support-aging-parents-with-rising-costs\/","title":{"rendered":"How to Support Aging Parents with Rising Costs"},"content":{"rendered":"

Budgets are tight for most Americans, but older adults entering their retirement years may feel the squeeze more intensely as prices rise on a fixed income. It often falls to the next generation to fill in the gaps when retirement income doesn\u2019t cover the bare necessities. If this is within your means, hooray\u2013but retirees\u2019 adult children are also struggling to cope with rising costs and may not be able to support aging parents the way previous generations could.<\/span><\/p>\n

Social Security Income<\/span><\/h2>\n

Social Security is meant to replace about 40% of pre-retirement income, and it\u2019s best to save for retirement in other ways like a 401(k) or IRA. The average benefit for a 65-year-old receiving Social Security is $1658 per month according to the <\/span>Motley Fool.\u00a0<\/span><\/a><\/p>\n

If this is all the income you have to work with, making $1600 stretch to cover all necessary expenses is tight, but do-able in more affordable cities. Let\u2019s jump into the most significant expenses for retirees and options to reduce costs.\u00a0<\/span><\/p>\n

Healthcare Spending<\/span><\/h2>\n

Consider the costs of health insurance, out-of-pocket costs, medications, mobility aids, and any other health needs.\u00a0<\/span><\/p>\n

Once you start receiving social security benefits, Medicare provides lower-cost health coverage. However, Medicare doesn\u2019t have an out-of-pocket maximum, so you may want to look into savings programs like Medicare Advantage or Medigap to help further reduce costs, especially if there are chronic health issues at play.\u00a0<\/span><\/p>\n

For generic prescription drugs, you might be able to save money by using an online pharmacy like Cost Plus Drugs\u2013however, purchases from Cost Plus won\u2019t count against the deductible for Medicare Part D.\u00a0<\/span><\/p>\n

If you have non-Medicare healthcare coverage, it’s worth taking a look at your plan to comparison shop and ensure you\u2019re getting the best coverage for your money.<\/span><\/p>\n

Food Spending<\/span><\/h2>\n

Grocery prices are sharply rising, and the Bureau of Labor Statistics reports that a typical American over 65 spends around $7,700 on food and beverages in a year. This includes around $5,000 on groceries and $2,700 on eating out. This is roughly $640 per month, which is of course an average. Cities with a higher cost of living will require more per month, while lower cost cities will have more affordable grocery prices.\u00a0<\/span><\/p>\n

As we age, we need to pay closer attention to our dietary needs, increasing calcium and fiber especially. A heart-healthy diet requires whole grains and vegetables that offer important nutrients. Reducing meat (especially red meat) and replacing it with fiber-rich lentils or beans can provide protein <\/span>and <\/span><\/i>save money.\u00a0<\/span><\/p>\n

In food deserts (places without affordable access to fresh, more nutritious foods), it\u2019s easier to purchase convenience foods than whole foods\u2013but those nutritious foods are important for longevity and lasting health. A farmer\u2019s market can offer healthier, locally-raised meat, dairy, and eggs, as well as lower cost vegetables and fruits.\u00a0<\/span><\/p>\n

If there isn\u2019t a farmer\u2019s market near you, gardening is a great way to reduce food costs while building in consistent exercise and fresh air. Start small, growing tomatoes, jalapenos, and cilantro to create a homemade salsa, or bell peppers and tomatoes to cook into a tasty chili base. If you can find a few ways to enjoy vegetables, it\u2019ll make taking care of yourself more fun (and delicious).\u00a0<\/span><\/p>\n

Living Expenses<\/span><\/h2>\n

The average cost of living expenses is around $21,000, according to the Bureau of Labor Statistics\u2013assuming a mortgage. If your home is already paid off, you\u2019ll likely need less. Likewise, if you\u2019re renting, you may need to plan for increases in your housing costs as inflation grows. Owning a home also includes any property taxes, mortgage interest, home repairs, and home insurance costs.\u00a0<\/span><\/p>\n

Living in an assisted living facility is more expensive, with a median cost of $6,200 per month according to <\/span>US News<\/span><\/a>. If 24\/7 care and observation isn\u2019t necessary, it can be more affordable to hire a nurse or home health aide instead of moving into assisted living.\u00a0<\/span><\/p>\n

Long-term care insurance can help mitigate the costs of assisted living or nursing homes. If you don\u2019t already have a policy, speaking with a qualified financial planner<\/a> can help you find and secure an appropriate plan.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Budgets are tight for most Americans, but older adults entering their retirement years may feel the squeeze more intensely as prices rise on a fixed income. It often falls to the next generation to fill in the gaps when retirement income doesn\u2019t cover the bare necessities. If this is within your means, hooray\u2013but retirees\u2019 adult children are also struggling to cope with rising costs and may not be able to support aging parents the way previous generations could.<\/p>\n","protected":false},"author":3,"featured_media":277,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[90],"tags":[93,91,92],"class_list":["post-276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-senior-living","tag-budgeting","tag-elder-care","tag-medicare"],"jetpack_featured_media_url":"https:\/\/treecitytax.com\/blog\/wp-content\/uploads\/2026\/05\/06-May-Blog-1.png","_links":{"self":[{"href":"https:\/\/treecitytax.com\/blog\/wp-json\/wp\/v2\/posts\/276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/treecitytax.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/treecitytax.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/treecitytax.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/treecitytax.com\/blog\/wp-json\/wp\/v2\/comments?post=276"}],"version-history":[{"count":1,"href":"https:\/\/treecitytax.com\/blog\/wp-json\/wp\/v2\/posts\/276\/revisions"}],"predecessor-version":[{"id":278,"href":"https:\/\/treecitytax.com\/blog\/wp-json\/wp\/v2\/posts\/276\/revisions\/278"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/treecitytax.com\/blog\/wp-json\/wp\/v2\/media\/277"}],"wp:attachment":[{"href":"https:\/\/treecitytax.com\/blog\/wp-json\/wp\/v2\/media?parent=276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/treecitytax.com\/blog\/wp-json\/wp\/v2\/categories?post=276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/treecitytax.com\/blog\/wp-json\/wp\/v2\/tags?post=276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}