<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=314834185700910&amp;ev=PageView&amp;noscript=1">

New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Learn More

What Northwestern Mutual Employees Should Know About Caring for Aging Parents

image-table

'Many Northwestern Mutual employees underestimate how caregiving responsibilities may influence their long-term planning. To prepare thoughtfully and involve the right professionals, it's important to start these conversations early.' — Paul Bergeron, a representative of The Retirement Group, a division of Wealth Enhancement.

'Many Northwestern Mutual employees face unexpected pressure when aging parent responsibilities arise. I believe early planning and open family communication can help households navigate these challenges with greater clarity.' — Tyson Mavar, a representative of The Retirement Group, a division of Wealth Enhancement.

In this article, we will discuss:

  1. Key warning signs that aging parents may need additional support.

  2. Essential legal and health care preparations to help families stay organized.

  3. How to coordinate family involvement and emotional readiness during caregiving.

Many Northwestern Mutual employees in their mid-50s to early 60s come to discover that their retirement planning may have to expand to include the needs of their aging parents. As America’s population grows older, adult children frequently take on caregiving responsibilities for parents facing health issues, financial weaknesses, and cognitive decline. These realities influence family dynamics, investments, estate planning, taxes, and emotional well-being.

“Your parents' financial vulnerabilities become your financial stress unless you plan ahead and take a proactive role,” explains Brent Wolf, CFP®, an advisor at Wealth Enhancement.

Below are key considerations for individuals ages 55 to 65 who are preparing to support elderly parents.

1. Recognize the Early Signs of Cognitive Decline

For many families, cognitive decline in an aging parent typically appears gradually. Early warning signs may include:

  • - Repeatedly forgetting conversations

  • - Missing or duplicating bill payments

  • - Confusion about routine transactions

  • - Financial decisions influenced by new “friends”

  • - Unusual wire transfers or unexpected spending changes

Your role is not to diagnose—your role is to observe and speak up early. By addressing concerns promptly, you, your family, and your advisory team can potentially help mitigate the risk of future financial or cognitive harm.

2. Put Durable Power of Attorney and a Trusted Contact in Place

If a parent becomes cognitively impaired without a durable power of attorney, families often face a costly, lengthy conservatorship process. Northwestern Mutual employees can address this by planning ahead.

Consider getting the following key documents in place:

  • - A trusted contact authorization

  • - Durable Power of Attorney for finances

  • - HIPAA releases and health care power of attorney

  • - Updated beneficiary designations, wills, and trusts

These steps can help reduce uncertainty and lessen the risk of financial exploitation should a parent become more vulnerable.

3. Prepare for Health Care Shock: Medicare Has Gaps

Many households are surprised by how much Medicare does not cover. Common out-of-pocket costs include:

  • - Long-term custodial care (memory care, assisted living, in-home support)

  • - Prescription drugs

  • - Private caregivers and care managers

  • - Out-of-pocket deductibles and co-pays

To plan effectively, Northwestern Mutual employees should understand:

  • - What your parents’ insurance covers

  • - Their likely care expenses

  • - Whether self-funding or long-term care strategies may fit

  • - Whether Medicaid planning (with its five-year look-back) should begin early

Health care decisions become more urgent if cognitive decline is a concern.

4. Guard Your Parents Against Financial Abuse

Financial abuse is a growing threat for older adults—including parents of Northwestern Mutual employees. Common scams include:

  • - Romance schemes

  • - Fake IRS, FedEx, or government calls

  • - “Grandchild in trouble” scams

  • - Caregiver misconduct

  • - Pressure from acquaintances or distant relatives

  • - Fraudulent investment pitches

Adult children often hesitate to intervene, but silence can increase risk. Advisors can help monitor accounts, identify unusual activity, and place temporary holds when needed.

5. Organize the “Invisible” Parts of Their Financial Life

By age 80, even financially experienced parents may struggle to keep up with routine obligations such as:

  • - Required minimum distributions

  • - Quarterly tax payments

  • - Charitable documentation

  • - Insurance renewals

  • - Online passwords

  • - Property tax deadlines

  • - Portfolio withdrawal planning

Advisors can help reduce errors by automating tasks, consolidating accounts, and simplifying processes.

6. Bring the Entire Family Into the Conversation Early

The most challenging situations often arise when adult children learn of issues only after a crisis. Northwestern Mutual employees may benefit from:

  • - Annual family meetings

  • - Clear conversations about parents’ wishes

  • - Defined caregiving and financial roles

  • - Discussions around independence and dignity

Proactive communication may helps mitigate conflict and avoid last-minute decisions during emergencies.

7. Prepare Yourself Emotionally and Financially

Caring for aging parents can influence:

  • - Retirement timing

  • - Your ability to continue working

  • - Your cash flow

  • - Your mental and emotional resilience

Advisors can help you develop:

  • - A dedicated “parent care fund”

  • - Tax-efficient withdrawal strategies

  • - Cash flow outlines that factor in elder care

  • - Estate plans that reflect multigenerational needs

With thoughtful planning, supporting your parents does not have to disrupt your retirement goals—even for Northwestern Mutual employees navigating complex benefits.

8. Build a Team-Based Approach

Families caring for elderly parents often benefit from a coordinated team that may include:

  • - A financial advisor

  • - An attorney with experience working with seniors

  • - Tax specialist

  • - Geriatric care manager

  • - Estate planning attorney

  • - Health care advocates

Working together, these professionals can help manage risk for both parents and adult children through a unified strategy.

Conclusion

Aging is inevitable—but it does not have to create chaos. Early planning, while parents are still capable, can lessen emotional strain, help minimize family conflict, and ideally reduce the likelihood of financial harm.

“The best gift you can give your aging parents is structure, clarity, and a financial advocate who supports them when they can no longer support themselves,” says Brent Wolf.

For Northwestern Mutual employees ages 55 to 65, now is the time to act.

Taking the Next Step

The Retirement Group can help you design a Parent Care Plan that includes financial oversight, health care review, legal preparation, and fraud monitoring.

To speak with a team member who can guide you through each stage of the process, call  (800) 900-5867 .

We are here to support you, your parents, and your family through every stage of life.

Featured Video

Articles you may find interesting:

Loading...

Sources:

1. Alzheimer’s Association. “10 Early Signs and Symptoms of Alzheimer’s and Dementia.”  Alzheimer’s Association , 2025,  www.alz.org/alzheimers-dementia/10_signs .

2. Centers for Medicare & Medicaid Services. “Long-Term Care.”  Medicare.gov , n.d.,  www.medicare.gov/coverage/long-term-care .

3. Federal Bureau of Investigation. “Elder Fraud.”  FBI , U.S. Department of Justice, n.d.,  www.fbi.gov/how-we-can-help-you/scams-and-safety/common-frauds-and-scams/elder-fraud .

What type of retirement savings plan does Northwestern Mutual offer to its employees?

Northwestern Mutual offers a 401(k) retirement savings plan to help employees save for their future.

Does Northwestern Mutual match employee contributions to the 401(k) plan?

Yes, Northwestern Mutual provides a matching contribution to the 401(k) plan, which helps employees maximize their retirement savings.

What is the maximum contribution limit for the Northwestern Mutual 401(k) plan?

The maximum contribution limit for the Northwestern Mutual 401(k) plan is in line with IRS guidelines, which can change annually.

Can employees at Northwestern Mutual choose how their 401(k) contributions are invested?

Yes, employees at Northwestern Mutual can choose from a variety of investment options for their 401(k) contributions.

Is there a vesting schedule for the employer match in Northwestern Mutual's 401(k) plan?

Yes, Northwestern Mutual has a vesting schedule for the employer match, which means employees must work for a certain period to fully own the matched funds.

Can Northwestern Mutual employees take loans against their 401(k) savings?

Yes, Northwestern Mutual allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.

What happens to my 401(k) savings if I leave Northwestern Mutual?

If you leave Northwestern Mutual, you can either roll over your 401(k) savings to another retirement account, leave it in the Northwestern Mutual plan, or withdraw it, subject to tax implications.

Does Northwestern Mutual offer financial education resources for employees regarding their 401(k) plans?

Yes, Northwestern Mutual provides financial education resources to help employees understand and manage their 401(k) plans effectively.

How often can Northwestern Mutual employees change their 401(k) contribution amounts?

Northwestern Mutual employees can typically change their 401(k) contribution amounts at any time, subject to plan rules.

Are there any fees associated with the Northwestern Mutual 401(k) plan?

Yes, there may be administrative fees associated with the Northwestern Mutual 401(k) plan, which are disclosed in the plan documents.

New call-to-action

Additional Articles

Check Out Articles for Northwestern Mutual employees

Loading...

For more information you can reach the plan administrator for Northwestern Mutual at , ; or by calling them at .

Further Information for Northwestern Mutual* Employees

*Please see disclaimer for more information

Relevant Articles

Check Out Articles for Northwestern Mutual employees

Loading...