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What Stanley Black & Decker Employees Should Know About Caring for Aging Parents

Healthcare Provider Update: Healthcare Provider for Stanley Black & Decker Stanley Black & Decker primarily utilizes Aetna as their healthcare provider for employee benefits. Potential Healthcare Cost Increases in 2026 In 2026, Stanley Black & Decker employees are likely to face significant increases in healthcare costs due to escalating premiums in the Affordable Care Act (ACA) marketplace. With several insurers projecting hikes of over 60%, the financial burden on employees may intensify as many companies plan to transfer more healthcare expenses to their workers. Additionally, if enhanced federal subsidies are not renewed, millions of enrollees might see their out-of-pocket premiums rise by more than 75%, placing further strain on household budgets. As a result, employees need to proactively review their health plans and consider strategies to mitigate these impending cost increases. Click here to learn more

'Many Stanley Black & Decker 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 Stanley Black & Decker 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:

Key warning signs that aging parents may need additional support.
Essential legal and health care preparations to help families stay organized.
How to coordinate family involvement and emotional readiness during caregiving.

Many Stanley Black & Decker 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. Stanley Black & Decker 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, Stanley Black & Decker 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 Stanley Black & Decker 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. Stanley Black & Decker 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 Stanley Black & Decker 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 Stanley Black & Decker 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.