Helping Your Parents Plan for Retirement

Helping Your Parents Plan for Retirement

Planning for retirement is important at any age. For most active seniors, retirement is a time of opportunity and freedom to explore life’s next chapter.

Parent/child conversations are an integral part of planning for this next chapter. This conversation can help children understand what their parent’s feel is important, so if needed, they can assist in the research, decision and planning process.

If you’re not sure where to start, begin by asking questions to learn about their likes, dislikes, goals, and even fears. Below, we’ve outlined talking points that touch on three main topics: lifestyle, finances, and healthcare to get the conversation started.

Lifestyle Plans

Get an idea of what their retirement wants/needs are and ask them how much help they would like with next steps.

  • Where do they want to live?
  • What type of home do they want to live in? Condo, apartment, house?
  • What activities or hobbies do they want to make sure they can do?

For some children this conversation can be in person with their parents and they can be by their side in the search as much as their parents need them to be. For those who may live further from their parents, this conversation gives them the opportunity to search online for communities that fit what their parents are looking for and still be involved, as need be, from a distance.

Financial Topics

Financial comfort may be another aspect of retirement you need to talk about. By talking about retirement goals first, it opens the door to talking about budgeting for those goals.

  • If you know how they would like to stay active, look for those opportunities around potential retirement communities. Get a clear understanding of membership fees or any costs tied to that activity.
  • Where are the closest grocery stores, restaurants, doctor’s offices and entertainment spots? Knowing where those key destinations are can help determine transportation costs and budgeting.
  • Is it worth looking at homes with walk in baths? If they are becoming less mobile as they progress through their retirement, having a more accessible bathroom may be more suitable to their lifestyle, so this may definitely be worth considering.

Healthcare Concerns

Finally, make time to talk about healthcare. Without knowing what could happen, it’s hard to predict the type of care that your parents may need down the road. A community with a spectrum of styles of living from total independence to total care means residents never have to worry about moving again, even if their lifestyle or health care needs change.

Conversations about retirement with your parents are just that, conversations. It is an opportunity for both of you to learn and understand what is out there and what is the best fit. If they want an active retirement lifestyle then you should give them that. You want to give your parents what’s best for them, so make sure you know what they want.

If you have questions, contact us today to request more information and set up a private tour: Contact Us.