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How to Help Your Aging Parents Prepare for Retirement

Getting older is a part of life. That does not, however, mean that every person is prepared for what happens after his or her career is over. If your parents are reaching retirement age, it’s important to start helping them plan for what comes next. Below are a few things to think about as you help your parents prepare for the next big steps in their lives.

Prepare for Hard Conversations

First and foremost, you need to understand exactly what you’re going to be talking about with your parents. For perhaps the first time in their lives, you’re talking about taking care of them – and this can lead to some significant push-back. As such, it’s up to you to stay calm and to be respectful as you navigate a process that will require your parents to re-evaluate how they see their own futures.

Look at Social Security and Pensions

Financial matters are usually the first thing that needs to be squared away. If your parents have any time of retirement plan or pension, you need to help them figure out how they’ll be able to stretch it out and what kind of budget they need. You will also need to look into various social security plans – something that might require the help of a lawyer like Todd East Attorney at Law.

Create an Emergency Plan

The next step is to look at your emergency plans. Your parents can and should draft things like a medical and/or financial power of attorney so that someone will able to make decisions when your parents are indisposed. It’s a good idea to have this kind of paperwork drafted early so that no one can question your parents’ mental competency to make these choices and so that your parents’ wishes will be followed if something disastrous occurs.

Work on an Estate Plan

Finally, you’ll want to work with your parents to ensure that their estate is in order. While end of life planning is never easy, it’s very necessary. Make sure to help your parents find a good lawyer who can help them to create a document that will ensure that their wishes are carried out and that their property is disposed of in a way that honors their memory. You don’t necessarily need to be involved here, but you should do the legwork to ensure that your parents meet with the right lawyer.

Helping your parents plan for retirement is largely a process of helping your parents find the right resources to prepare them for the future. If you can help your parents plan adequately, you’ll have to worry about them less as they age.

Tim Esterdahl

Tim Esterdahl is the editor of IFCS blog. He is a married father of three and enjoys golf in his spare time.
Tim Esterdahl

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