Helping Out: Retirement Planning Advice for Children of Those Retiring

Helping Out: Retirement Planning Advice for Children of Those Retiring 1

Are your aging parents getting ready to go into retirement? Whether they’re early in the planning stages or they’ve already started contacting local retirement communities, there’s never a wrong time to start offering them retirement planning advice.

Having a good retirement plan in place before your parent officially retires is crucial. We’re here to help you help your parents so they can retire in peace.

Read on to learn a few things that you should know about helping with retirement planning.

Start Budgeting

Retirement is expensive, and a large percentage of Americans don’t yet have enough money saved up to feel comfortable retiring. That means that it’s time to start working together on a budget with your parents.

While you can’t start a retirement fund for them, you can help them manage their current finances to make retirement easier. Where are they over-spending? Are there any ways that they can make extra income? 

If you have the means to help your parents financially while they’re in retirement, do so. If not, help them help themselves. 

Prepare for Emotional Changes

Even if your parents have had retirement on their minds for years, they may not feel happy about it when the time comes. That’s normal, but there are a few things that you can do to make the transition easier. 

First, consider counseling. Professional counseling is a great way to combat emotional struggles with a third party. 

Make sure that you open yourself up to conversations about their feelings. Always be there to provide a listening ear and try to comfort them if they have any concerns. 

To Move or Not to Move?

Are your parents going to move out of their homes? What will that look like for them? 

Many people choose to live in retirement communities, but some active seniors aren’t yet interested in that. Talk to your parents about what would be best for them.

If your parents are still happy and healthy living on their own, they don’t have to move. They may, however, want to downsize to a smaller home or apartment if they struggle with stairs.

If you have room on your property, you could build an in-law apartment or have them live in a spare room, but this isn’t a good option for every family.

If your parents need a bit of extra help around the home or they’re no longer interested in maintaining an entire home on their own, look into local senior living amenities to see if there’s a senior community that would be a good match for them.

Encourage Social Interaction

Loneliness is a huge problem for seniors. To combat this, make sure that you’re doing everything in your power to encourage your parents to socialize. 

If they live amongst other seniors, this is easy. Senior living communities offer plenty of opportunities for seniors to gather together and mingle so they can make new friends.

If they live alone, make an effort to include them in activities. Encourage them to take part in local events and clubs.

Retirement Planning AdviceIsn’t All About Money

Your aging parents likely already have some money stored away for retirement, but that doesn’t mean that you can’t help them out with the other under-discussed aspects of retirement. 

Start offering the seniors in your life helpful retirement planning advice and help them through the retirement process (regardless of what that looks like for them).

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