Louisa Eunice
The most important thing we always want to do in adulthood is take care of our parents. Thinking back to their love and sacrifices makes being there for them in their old age a no-brainer! It’s even easier when your parents have savings and plans for their golden years. But how do you financially prepare for your parents’ late retirement when they aren’t in the best financial position? Here are a few ways.
1. Understand Their Financial Position
Some online users agree that approaching parents about their finances is not the most accessible conversation. Nonetheless, it’s one to have when getting close to retirement. Inquire about their financial position to understand the help that they’ll need. Put any judgemental feelings aside, especially if you find out that your parents don’t have any substantial savings.
2. Budget To Determine Expenses
It’s best to calculate the amount of money your parents will require monthly, so you’ll know what to expect. Talking about finances is also a great time to reduce unnecessary expenses like magazines, vacations, dining out, or expensive recreation. Your parents can still enjoy these things but may not be able to do them as frequently as they once did when they were in a better financial situation.
3. Consider Low-Cost Senior Living Homes
These homes will ensure your parents are cared for while they remain independent. It offers custom care for older people while reducing stress and forging emotional connections. Your parents will feel supported while thriving amongst like-minded individuals. A user advised, “This worked for my grandmother, who only received survivor benefits from my grandfather.”
4. Sign Up for Social Security
A social security check is handy when seniors reduce their working hours or stop working altogether. It doesn’t replace their entire income, but it goes a long way in providing money to help meet expenses. The amount depends on how much you earn during your career. It’s a reliable way to help your parents get by during their late retirement.
5. Consider Medicaid Eligibility
Medicaid covers the medical needs of older people. This federal program will make it easy for your parents to receive food and healthcare as they age. With old age coming with the need for constant checkups and medical appointments, Medicaid is an essential tool in your arsenal. Knowing your parents will be well cared for should they fall sick will comfort you.
6. Look Into All Applicable Government Benefits
Helping your parents find ways to maximize their retirement will put them at ease. Looking into government assistance is one way to do so. You may be surprised that they are eligible for several aging benefits. Use the National Council on Aging’s Benefits Checkup Website as a starting point. It will highlight the benefits your parents are eligible for depending on their age and income quota.
7. Consult a Financial Advisor
An online financial expert recommended working with financial professionals as the best way to set up your parents for late retirement. They will examine their financial situation while considering investments and eliminating unnecessary risks. They will also draw up a financial plan that will help your parents get by in the future.
8. Bring up Conversations About End-Of-Life Care
The end of life is one of the most challenging conversations you’ll ever have with your parents, yet it is inevitable. As you discuss retirement plans, take advantage of the time to bring up projects for end-of-life care. Take their wishes under consideration and adhere to them when the home comes.
9. Take Stock of All Assets
We always want to protect critical assets. However, encouraging your parents to sell unused assets may be the best way to do it during late retirement. This way, selling their vacation home means retirement savings in the bank. Examining all assets also makes it possible to retain significant investments and offload your portfolio of the things that didn’t matter.
10. Don’t Derail Your Plans and Goals
Granted, taking care of our aging parents is a huge responsibility. But this doesn’t mean you should forget your own goals, hopes, and dreams. Users who participated in this online discussion felt that this was their most significant responsibility in life, which is on top of raising their children. As hard as it may be, don’t over-commit if it means falling behind in life, going into debt, and not contributing to your retirement accounts. While you may want to help your parents regardless, focus on connecting them with resources to help them get by and unburden you from the responsibility.
Source: Reddit
12 Frugal Meals People Eat Even When They’re Rich. Do You?
Photo Credit: Shutterstock
When money isn’t a problem, people tend to indulge in all sorts of luxuries they couldn’t afford when they didn’t have excess money to spend. However, sometimes, even when money is easy, there are food items you can’t say “no” to. Here are some of the most addictive, economical meals you can eat, even when money is no issue.
12 Grocery Store Luxuries That People Love To Treat Themselves With
Photo Credit: Deposit Photos
Sometimes, grocery shopping can be a chore. It can feel like just one more thing to get done during the week, so you don’t have to worry about it during the weekend. When money is tight, it can be even more overwhelming to try and get the best deals on food until you get to that one item you can’t resist. We all do it, splurging on that one food item we can’t do without. To that end, here are some of the most luxurious food choices people must have.
12 Dream Treats People Would Splurge on if Money Were Infinite
Photo Credit: Shutterstock
Imagine a reality where your bank account was bottomless and financial constraints vanished. What would you choose to splurge on? Here are 12 dream treats members of an online forum would throw their money at if money were no object.
10 Frivolous Things People Spend Their Money On When They Could Be Saving
Image Credit: Dean Drobot From Canva.com
Are you spending your money frivolously on stupid things when dealing with a tight budget, or saving more for emergencies? We all do. Door Dash and Uber Eats? Need I say more? Between the higher menu prices, delivery fees, and tips, you can spend $35 on a single sandwich!
It’s absurd, and yet so many people do it. Worse, they know it’s a waste of money but will continue using the services. I’m guilty of using the delivery apps myself. Someone recently asked on an online forum for other examples of dumb things people waste their hard-earned cash on, and these are the top-voted responses.
Lovingly Limiting Loans: 10 Wise Ways To Set Money Boundaries With Family
Photo Credit: Shutterstock
Family ties are undoubtedly some of the strongest bonds in our lives. We share laughter, create lasting memories, and support each other through thick and thin. However, navigating boundaries can be complex when it comes to financial matters. Here are 12 wise ways shared by members of an online forum to set monetary limits with family members.
This article was initially published and syndicated by The Cents of Money.
