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The biggest financial challenge facing women in their fifties is...caring for their parents, says Cary Carbonaro, author of The Money Queen's Guide. Women who are approaching their fifties (or are already there) should formulate a financial plan for making sure their parents are safe and secure as they grow older.

Additionally, Carbonaro suggests taking the time to sit down with your parents now to figure out the next moves—for instance determining where they will be able to live within their budget. This will also give you the chance to gather and organize any paperwork they may eventually need. Working with siblings is essential.