Steps To Help Your Parents RetireEric Merlin
Your time will always come. Just as your parents looked after you, it’s now your turn to look after them.
As they age and edge closer to retirement, it becomes crucial to help them enjoy their lives while reducing everyday burdens.
It can be an overwhelming and difficult prospect to summon; you have to speak with them about what’s best for their health and future, ensuring they’re happy enough with their prospects while not straining the relationship.
How do you go about helping them with their retirement? We have three steps to help your parents retire in comfort and ease while giving you peace of mind.
Three Steps to Help Your Parents Retire
1- Analyze Their Finances and Savings
You can’t really prepare for their future if you don’t know financially (or physically – more on that below) what your parents can work with.
It’s important to have a conversation with them about their financial situation, discussing everything from savings to assets, particularly their expenses, and the best way to maximize their cash flow so they can live comfortably in the future.
You should also consider potential income sources that can support them in the future (such as renting out their property or spare room, turning their hobbies into side businesses, or earning a passive income by investing in real estate) while minimizing any remaining debt that they have (using the snowball method to pay off one debt, before moving to another can be effective).
It would help if you also spoke to their financial advisor about creating a budget for them to retire safely and comfortably. Just make sure that they are part of the conversation.
It can be a difficult topic to broach but explain to them that it’s about their futures and how you can help them live more comfortably. Remind them that they’ll feel much safer and more secure if they plan out their financial future.
2- Consider Their Health
It can be overly emotional and difficult to watch your loved ones and parents succumb to health conditions as they age.
Memory loss, mobility issues and chronic health conditions can cause major problems in their everyday lives, adding stress and pressure on you. That’s why you have to assess their health and see what’s the best outcome for them.
Speak to them about their health and conditions, raising issues such as the possibility of assisted care and support in the future. Get their doctor involved in the process, so they are fully aware of their health’s long-term impacts.
Suggesting lifestyle changes can prove helpful and beneficial to them, such as taking up fitness classes or participating in group activities to improve morale and well-being.
Remember, this is a sensitive topic and can cause discomfort, so approach it calmly with information to support your point. Don’t overload them, and let them ponder it for themselves.
In the end, it’s their decision, but you can help them with the process.
3- Where They Plan to Retire
Together, as a family, you should consider if their current home is safe for them.
For example, some parents live in two-storey homes but struggle with mobility issues that make going up and down the stairs a real danger. Moving to a single-level home could be the answer.
While downsizing might be hard or difficult, if their current home is not a safe place for them to live, then it’s ideal to find a home that is. In doing so, they may profit from the sale of their current home while also saving money on maintenance and utilities each month, living in a smaller location.
You can research particular small units or homes that work for their circumstances (financially and physically) while considering senior living homes or communities that provide everything you need.
Take, for example, The Manor Village, a retirement community that offers comfortable, luxurious accommodations suited for seniors, within a community that encourages active participation in group activities. At the same time, they offer residents assisted and enhanced care services to help with lifestyle and health conditions.
Have a discussion with your parents about where they want them to retire, if it’s financially feasible, and if it’s in their best interests.
The Bottom Line – Get Involved Early
The earlier you get involved in the process, the better the long-term outcomes will be for your parents. Leaving it too late might end up causing more problems than expected, so prepare yourself to have a solid and proper conversation when the time is right.
Remember that it’s about approaching them with care and comfort, not attacking them. Be honest, do your research, help them understand how you want to make their retirement easier, and highlight the best ways to go about it.