I need to help my parents get ready for retirement. Luckily, they are both open to this subject, since they were the ones who brought it up. It would be more difficult if I had to bring up the subject on my own. However, I still need advice on how to help my parents retire. It is a big step in anyone’s life. There is a lot to think about and a lot to prepare and get ready for. There will be many changes, even for me. Any suggestions?
You know your parents best. Do they seem overwhelmed or confused? Some people can take this in their stride. Others may have some difficulty. The main thing is to give them support and encouragement.
One huge issue that must be talked about is finances. This may or may not get uncomfortable. Unfortunately, it has to be talked about. Many people do not like talking about their finances to anyone. This can also include their own children. When someone is elderly, it can be incredibly difficult. Sometimes, this topic may be misconstrued even if it is done for genuinely legitimate purposes. For example, parents may think you are fishing for information, especially regarding your inheritance.
This topic can be uncomfortable to discuss because there appears to be a bit of a role reversal. You now act like the parent and they are somewhat reduced to being the child. That can be hard.
I suggest you talk to them delicately regarding finances and assure them it has nothing to do with inheritance or anything else. If your folks are incredibly rich, there’s no problem. However, if they are not, then you would not want them to struggle, right?
I agree that money becomes the most important factor. They may have credit card debts that they do not wish to discuss with you. This can have a bearing on retirement and how they will be after they retire. If they are in huge debt, then you will need to be really involved.
If they are in major debt, can they even afford to retire? Nobody likes these questions. However, only with the truth can decisions be made.
You could recommend credit counsellors or even bankruptcy if there is no other option. At least they can retire. They will also need to change the way they spend. Things may have to be sacrificed. Perhaps they would be more open to speaking to a third party regarding finances?
You should speak to your folks about scammers. If they are going to move to a retirement home, for example, tell them to be careful with telemarketing.
For example, the elderly are great targets for criminals who will sweet talk them into an investment. If your parents are in debt, this could be tempting. Tell them to run things by you first.
You may want to start making inquiries about retirement homes too. One place I know of is called Masonville Manor Retirement Residence and I’m sure they can give you loads of valuable advice as well.
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