How to make a financial plan that will help you take care of your aging parents

| March 1, 2019
How to make a financial plan that will help you take care of your aging parents

No parents in the world want to be a burden to their children once they grow old. And yet the later years are filled with challenges, many of which cannot be dealt with alone. This is the moment when we need to step forward and provide support to the people who have devoted their whole lives to us.

Let’s take a look at some of the steps we can take to help our aging parents solve one of the biggest problems of the senior years – financial independence.

Have an honest talk with the parents

Your parents may be very reluctant to ask the financial help from you no matter how difficult their situation may be. That is why you first need to have an honest talk with them and try to identify the areas where they might be struggling. Once you know the cold numbers, you will be able to make all the later decisions and create a sustainable plan that will make up for these shortcomings without getting you broke.

How to make a financial plan that will help you take care of your aging parents

Think about downsizing

Managing their current living arrangements may put too much financial strain on your parents. That is why you should talk to them about downsizing and moving into a nursing home. The number of available options is ample and varied. For instance, facilities like Mark Moran Vaucluse aged care center allow you to create a flexible set of provided services you can later adjust according to your parents’ needs. The parents’ home can be rented to cover the costs.

Plan for long-term care

According to a recent study, as much as 52% of Americans turning 65 this year will develop a disability and need long-term services and support in less than two years from now. These numbers can be translated to other developed countries like Australia. As the costs of the medical services are on the rise, you should not wait long before setting a long-term insurance policy that will cover up these costs. Once you start dealing with fixed rates, further planning will be much easier.

How to make a financial plan that will help you take care of your aging parents

Ask for professional help

Managing family finances can be very tricky, especially when you take into account the taxes, insurance policies and other legalities of caregiving. That is why you should consider hiring a retirement expert that will help you develop a solid financial plan for the parents’ elderly years. However, make sure your agent doesn’t push some policy for financial reasons. Short research or personal recommendation should help you find the best option.

How to make a financial plan that will help you take care of your aging parents

We hope these tips will help you develop a plan that will ensure your parents spend their golden years in the best possible manner without putting too much financial pressure on the rest of your family. This is also a great opportunity for thinking about your own retirement plans to avoid similar financial struggles in the future.

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