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How to Help Your Retired Parents With These 5 Financial Suggestions

Watching your parents enter retirement is a transition that can be difficult. Many dynamics change, and they can become vulnerable. Gone are the days when it was their responsibility to care for you. Now it is your turn to step up and ensure the security of their financial future. There are five financial suggestions that can greatly reduce your retired parents’ burden.

How to Help Your Retired Parents With These 5 Finanacial Suggestions

Help your retired parents with these 5 financial suggestions.

1. Heart to Heart

Many retired individuals find it difficult to accept the fact that their lives are changing, and having a heart to heart with your retired parents is the first step toward providing them with the help they need. In order provide them with a non-defensive environment, bring up the subject casually in a relaxed environment such as over dinner. Discuss with them their financial plans for the future.

2. Social Security Attorney

It is possible that your parents have social security benefits to help supplement their income. Unfortunately, many don’t understand the criteria and eligibility requirements. It is well worth the investment to hire a Boise social security attorney to help sort out the legalities.

3. Insurance

Long-term care insurance is another excellent investment, and this protects you and your parents both. It is impossible to predict what the future holds, and, in the event that the health of either parent declines to the point that long-term care is necessary, you will be able to provide them with the accommodations they need.

4. Gifts

Many do not realize that they are able to provide their retired parents a gift of up to $14,000 each year without being required to file a federal gift tax return. Rather than helping them directly pay bills and other costs, providing them with that money in the form of a gift can be more beneficial.

5. Other Benefits

Aside from social security, there are a number of other benefits your parents may qualify for. For example, if one of your parents is a veteran, they may be able to qualify for long-term care and disability. If their income allows, they may even be eligible to receive food stamp benefits. Explore these options to see what supplements are available.

Because You Care

Your parents were there for you, and now it’s your turn to do the same. Retirement years can be scary, and they rely on you more than they may like to admit. By following these five tips, you can help your retired parents gain the financial stability they need.

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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