Whether your parents plan to age in place, they have other plans for their ongoing care or they are open to the possibilities, there’s one factor that often comes into play as people get older, and it will likely involve you — money.
While not all older adults need financial assistance or help managing their money, plenty do need varying degrees of help along the way, and as their child, you probably want to help them however they need as much as possible.
As your parents get older, managing their home and their finances can sometimes become more difficult, and when you decide what your role will be in the process, you can begin to help them shape what their financial care looks like long term.
Discuss Long Term Care Decisions
Care, medical attention and other things of that nature are a personal decision, but they are also a financial decision, too. If your parents have planned and saved for their options, you can help them weigh the pros and cons — even if they aren’t quite at the stage of needing care yet. If you’re chipping in, having an open, honest discussion in which you value both their comfort and yours will probably be the ideal option.
Plan for the Future
While it can be scary to discuss things like wills, end-of-life plans and life insurance, it’s an important part of both finances and future planning for everyone’s ease. If your parents have wills, making sure they’re up to date is a great idea.
Planning for things like the end of life and final expense insurance early on can get it out of the way. Having plans for the end — even if it seems far off — can help set everything up so you and your parents both feel more at ease with your financial arrangements.
Keep an Eye On Important Documents
Whether it’s early in the process or you’ve been around the block a time or two with helping your parents manage the house, having multiple hands in the equation can sometimes result in misplacing, no matter the age of the people in question. This being said, having a specific place, folder or drawer where all the important documents go can be a game changer, and reduce stress for everyone involved.
Have the Money Talk as Early as Possible
Sometimes, no time seems especially right to have the money talk. However, doing it as early as possible can give you time to discuss important matters gently and openly, especially if you’re assisting your parents financially. There are so many ways to open up a dialogue around finances, and the sooner you start, the better your experience will be all around.
Helping Parents Manage
You care about your parents and want what’s best for them, and that includes the realm of money. As they age, you can offer your support in making the best plans and decisions for them so they can have the ease and happiness they deserve in their aging years. Whether you start early and put plans in place together or manage the plans they already have, your support can make a world of difference.
