How to Help Your Parents Plan For Retirement

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It’s difficult for young people to deal with older parents and more so if they didn’t plan for their own retirement. I think it’s irresponsible to not plan for your retirement and it’s the most important thing since you can’t make that much money when you’re old but you will spend most of it on healthcare cost and living cost. It’s the most important thing that you can do for your old age and that is retirement planning. If your parents are not planning, it’s time to talk to them about it. People are not good at planning unless someone else pushes them to do it.

Talk to them about savings for retirement

Some elderly are not as educated in planning for retirement as they should be, because my parents are like that, they will spend all of their money and they’re too old to make more. I get really upset about them not planning but all I can do is pitch in a few words. If you can’t talk to them, you can write them a plan or a letter explaining things or have their siblings do it. I know that a lot of parents are stubborn and it’s just a mental thing but they can get really stubborn about it.

Healthcare cost

You will also have to deal with their healthcare cost, but luckily they will have Medicare at the old age and that will help them out a little bit. Medicare will not take care of everything but it’s better than nothing. They can also get insurance if they can afford it. You can help them with that part. This is why saving is essential so they can pay for their health insurance later on.

Have them work part time

If they’re strong and young enough, you can have them work part time so they can finance some of their costs. There are plenty of jobs that are part time around town. You can even sign them up at a temp agency.

Live with them

You can also reduce their bills by living with them and taking care of them. You can drive them around, shop for them, cook, do their chores and this will help out a bit. They’re your parents so you can live with them if you have too. Friendship will also keep them from being lonely.

Senior home

If you’re way too busy or not in town, you can rely on senior homes to take them in. they will have to pay for it, but these places provide excellent care for the elderly.

Baby sit help

They can baby sit for you and you can pay them some money at the end of the week and this will help them out. When they’re old, they will be tired and they will not have the energy to work that much anymore.

Sell off their assets

If they have too many assets like home, cars, collectible, stocks, they can sell it off to pay for their bills.

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