NEW YORK, April 10 (Reuters) - It is hard enough to be a caregiver for elderly parents when there are multiple siblings to help.
Sometimes, there is only you. Just ask Michael Hausknost. The financial planner from Long Beach, California is helping his 90-year-old mom, Eva, as she moves from an assisted living facility into one that specializes in memory care. Hausknost's dad passed away many years ago. His mom's other relatives are thousands of miles away in Europe. Eva has no money at this point apart from Social Security checks.
That means that everything to do with Eva's care, from emotional to financial, falls squarely on her son. “There is no one else,” says Hausknost, 60. “It’s literally just me.” It is a situation more and more Americans face, as only children cope with the challenge of caring for aging parents. That is because family size is shrinking, according to Census Bureau data. In fact, the latest numbers from 2022 reveal that 19% of American women ages 40-44 have only one child – the highest percentage ever recorded in that category. By contrast, it was 9.6% in 1976.
“Only children are showing up left and right asking me about these issues,” says Joy Loverde, an eldercare consultant and author of “The Complete Eldercare Planner.” “Everything is on the line for them, especially their own careers and financial stability.” Here are four ways only children can prepare.
START EARLY
AVOID RAIDING YOUR OWN SAVINGS
TRY TO MAINTAIN YOUR OWN CAREER
FIND HELP

"During these 40 days, let me put away all my pride. Let me change my heart and give up all that is not good within me. Let me love God with all that I am and all that I have." —Genesis Grain.