How to Prepare for Your Parent’s Retirement

It is a strange time when your parents retire. Though they are not yet at the stage where they need advanced help for their health, they are quickly heading towards it. By preparing in advance to ensure they are socially engaged, healthy, and living within their budget, it can be helpful to follow this guide:

Preparing for Long-Term Care

 
Helping your parents transition into retirement is more than just helping them find new passions, friends, and things to do. Eventually, their health will start to dictate what they can. It cannot do, which is why you will want to follow this aging parents checklist to ensure you don’t miss any critical steps in helping your parents get the help that they need to continue living their best lives, all within your budget.
 
This includes things like ensuring that you have power of attorney, solving financial considerations, and ensuring that their long-term care program cares for their health and wellbeing.
 

Help Them Downgrade Their Home

 
A family home is simply impractical to keep. That being said, your first step shouldn’t be to sell, especially if their home is fully paid for.
 
Renting it out to another family can help boost their monthly retirement income considerably and allow them to keep on to the equity of their property if they ever need a large lump sum in the future.
 
Help them downsize by ideally finding them an apartment in a retirement community so that they can make friends with other retirees and not have to worry about their rent or bills, as their rental income from their home should cover it all.
 

Help Them Get Their Finances in Order

 
Working out a budget is one of the most critical steps to take, as retirement income is always less than when you were working. By working out a weekly or monthly budget, you can help your parents adjust and lead a fulfilling life.
 
This might also include closing accounts and subscriptions that they don’t really need but never got around to ending. Help them out, so that they can lead a financially secure, fun retirement.
 

Find New Activities and Societies

 
One of the biggest challenges for any new retiree is social ties. Most of the people that they will have interacted with were from work or might still be working. This means that making new friends is one of the most important steps to leading a quality retirement life.
 
You can help by finding them new activities, clubs, and societies for them to join. This way, they can focus on their passions and make new friends with people who have the same interests.
 

Set Up New Routines Together

 
Make new routines together so that you can spend time together regularly. Go take one of those classes with them or set up a standing dinner slot at least once a week. You and your parents will be grateful for this time spent together.
 
Tip: If you don’t live in the same city, organize a regular period where they come over. This could be for a few months of the year, or just a week here and there.
 
< Prev   Next >
 
 

Quotation

"Fear is something to be moved through, not something to be turned from."
 
Peter McWilliams 
 

Copyright 2020 AmO: Life Beauty Without Limits....