Typically, once people reach their 30s and 40s, not only do they start to feel a little old, but they also come to the realization that their parents are aging. Having older parents can be difficult in many ways because you have to come to terms with the fact that they won’t be around forever, but you want to make sure they enjoy the years they have left fully. One big stressor and often elephant in the room when it comes to aging parents is finances.
If your parents weren’t smart with money when they were younger, you might find yourself worrying about what they are going to do once they reach retirement age. You want to help them, but aren’t sure you know how. Luckily there are lots of small things you can do that will help ease them into their golden years. Here are 3 things you can do to help out your parents financially.
Cover All Of Your Own Expenses
If you have older parents, make sure you are covering all of your own expenses and not relying on them for anything. If you get into a pickle and need to borrow any amount of money from someone, try asking a sibling or friend first and avoid asking your parents. They are going to need all of their savings for their retirement and even if you intend to pay back the loan quickly it could put a strain on them.
Set Aside Some Savings
Your parents paid for everything for you during your childhood, adolescence, and possibly even young adulthood. The least you can do to repay them is to set aside some of your own savings for them. This can be used to cover medical costs, moving into an assisted living community, or even funeral costs. You can let your parents know you have some savings set aside if you think it will ease their minds and not hurt their pride, or you can keep this information to yourself.
Talk To Them About Their Plans
It’s a smart idea to talk to your parents about their retirement plans before they reach retirement age, and this includes the financial aspect of it. It may be an uncomfortable topic for some families, but bringing it up will help to prevent messy and stressful situations in the future. Find out what their plan is if they have one and make recommendations gently. Let them know that you care about them and only want to help. It will be good for all parties involved to know where everyone stands and to have some sort of plan in place.
If you’re in a position to do so, your parents out financially will be rewarding for you and will take a gigantic load off of their shoulders. Show them what great parents they were to you by giving back, and they’ll be grateful to you forever.