Working Together with Your Old Parents to make Retirement Financially Easier

By Harold Obrien posted 6 days ago

  

It can be worrying when your aging parents don’t communicate about their financial status. Each time the topic of retirement comes up, they try to avoid it. You get the strong feeling that they aren’t at all prepared financially to face all the expenses that come when you reach your retirement years. 


Help keep your parent’s independence


As your parents age, they may well begin to experience cognitive- and mobility issues. It can affect their daily lives so much that they can become depressed. They don’t want to have to rely on others to do things for them. It’s why Scooters ‘N Chairs is like a lifeline thrown to you. Visit https://www.scootersnchairs.com/blogs/electric-wheelchairs/best-power-wheelchairs for more information on various mobility products.


They offer a variety of mobility products with their own unique features and their super, lightweight electric wheelchairs can ideally suit your parent’s particular mobility needs. These power wheelchairs can return your old parent’s independence. 


They can turn sharply in tight spaces, they can tilt, travel up to about 5 miles before the battery needs to be recharged, the height can be adjusted and they’re easy to fold for transport.


Be clear on the scope of your parent’s finances


It can be worrying when you feel secure about your own plans for retirement, but you can see that your parents are nowhere ready for their retirement years. About 31% of seniors aren’t even sure if they will have enough to cover their medical expenses as they age.


The first step is to get a clear idea of where your parents stand financially. Then you and your parents can work together to find solutions for the years ahead. 

With the lines of communication open, they may be more open to change. You yourself have to focus on your own retirement plans first, and then you can look at how to help your parents. 


Modifying your home a future investment


Many older people are capable of living by themselves throughout their golden years, and most older folks want to stay in their own homes for as long as possible. 


Are your parents experiencing balance issues, loss of hearing or loss of memory? Where is the best place for them to be as they face retirement? 


You may want to modify your own home to cater to their needs or you may believe that a retirement home might work better. Assess their health and think carefully about which environment you believe will suit their needs. 


Set aside some money 

 

You may find it impossible to imagine yourself in your parent’s shoes one day. Your parents may not have saved their money, and their financial difficulties should be a lesson to you. 

 

It is never too early to start saving, and if your parents do have just a tiny bit of money to save, it’s a good time now to take just $20 each and put it away every month. You can show them how your combined sum is growing and collecting interest.

 

The money could be spent on a weekend away together or for some medical treatment and this in itself will help your parents feel that they’ve contributed financially to something worthwhile.

 

General ideas for retirement

 

Why not buy long-term care insurance for your parents? A stroke can be debilitating, and an assisted living facility will ensure they get the care they need. A parent’s health coverage like this is an investment in your future too. 

 

It is essentially an estate-planning tool, preventing you from spending your own retirement savings to take care of your parents in a nursing home. It is far better to pay $400 a month for LTC than spending a fortune each year for the next 20 years for nursing home care. 

 

There’s no one-size-fits-all pattern when it comes to supporting your parents in retirement, but with communication and sticking to your own retirement plan, you can all go into this new season of your life with confidence.

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