As Baby Boomers in your 50s, you may be done with a sound financial planning when it comes to your own retirement, but have you missed something vital? Are you ready to bear the financial burden posed by the needs of your parents? People today rely on their children in the old age more than before. Most of them are in their 80s, 90s, and suffering from irreversible physical or mental issues, such as, Alzheimer’s disease.
Naturally, treatment needs are long-standing and quite expensive. Your parents have taken care of you for so many years, now it’s time for you to do something special for them. Ensure that their twilight years are not burdensome, not for them and not for you. Early financial planning is the KEY! So, here’s what you can do…
Consider the extent of financial responsibility
When you want to do something valuable for your old parents, the first step is to know the extent of help needed. Are they financially sound and independent? How financially strong are they? Would you need to shoulder the complete financial responsibility of your in-laws/parents? Can you expect an inheritance? Your financial strategy will ultimately depend upon the answer to these questions.
Don’t forget to take professional advice
A proper financial planning is only possible under the guidance of a professional plan. When you want to do something special for your old parents, seek inputs from law attorneys, estate planners, financial planners, and tax advisors among others. They will give you a clear picture of the current financial scenario and give you an accurate financial planning advice as well.
Discuss the situation with everybody involved
In spite of being one among many siblings, life isn’t always fair. You may have to shoulder the complete responsibility of your ageing parents with others being unwilling or incapable to do so. Include everybody in the family meetings – the siblings, grandchildren, and the in-laws. It will be worthwhile to get everybody’s viewpoint regarding the issue. Even if the old people ultimately become your sole responsibility, talking with them may open up avenues you never knew existed! After all, your parents need all the help they can get.
Deal with difficult choices strategically
Cost of living has increased drastically in the recent years. Many people need to make do within limited budgets while saving for their own retirement as well. In such a scenario, taking on the additional responsibility of aging parents is sure to drain you financially. People have been known to cut back on their work hours, quit jobs, or get deprived of their salary, retirement money, or other benefits. Financial advisers can help you to work out best strategies and help you plan successfully even when your spending capacity is limited.
Helping your aging parents physically and financially will give you immense satisfaction in the end. You will not suffer from guilt or regret about how things could have been better. So keep an open mind and heart towards financial freedom of your parents and yourself!
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