6 Things to Discuss With Your Parents Before They Retire
According to a recent poll, more Americans are putting off retirement until later in life for one reason or another. The average retirement age for Americans was 57 back in 1991. As of 2022, it’s now 61.
This has become pretty normal if your aging parents don’t have plans to retire right now despite nearing retirement age. You should let them continue to work if they wish to do it.
But it would be best if you didn’t put off having meaningful discussions with your parents about their retirement plans. Aim to have some critical conversations with them before retiring.
Here are six things you will want to discuss with your aging parents so that you’re able to get on the same page when it comes to retirement planning.
1. What Are Your Parents Going to Do After Retiring?
What exactly are your parents going to do once they finally decide to retire? It would be best if you got some sense of where they expect life to take them.
Some aging parents will pack up their homes and move somewhere warm as soon as they retire. Others will spend their time volunteering once they don’t need to worry about bringing in a paycheck anymore.
Your parents should be considering what they’re going to do once they retire, and you should have some indication as to what their plans will be.
2. Do Your Parents Have Enough Money Saved for Retirement?
A recent survey found that more than half of working Americans are behind in retirement savings. Do your aging parents fit into this category?
If they’re all set, you won’t have to worry about them retiring and not getting paid anymore. But if they haven’t saved enough for retirement, their finances might become an issue for them when they stop working.
3. Are Your Parents Working With a Financial Planner?
If your aging parents tell you they have a nice nest egg set up, you should inquire whether they have a financial planner. A financial planner can help your parents stretch their money in retirement for as long as possible.
If your parents have yet to work with a financial planner, you might want to help them find one. It’ll prevent them from running low on cash and ensure they’re still planning for the future despite the fact they’re on the verge of retiring.
4. Will Your Parents Need Any Help From You After Retiring?
Your aging parents might expect you to help them in specific ways following their retirement. For example, they might anticipate you providing them with financial assistance if they need it or providing them with a place to live when they cannot live on their own anymore.
You need to be aware of whatever expectations your parents might have. It’ll help you avoid getting caught off guard by your aging parents.
5. Have Your Parents Looked Into Collecting Social Security?
Your aging parents are probably aware of the fact that they’re going to be eligible to collect Social Security. But they need to find out how much they can spend each month.
They should immediately find this out. You should nudge them along and have them look into it ASAP.
6. Can Your Parents Afford Long-Term Care If Necessary?
There is a chance your aging parents might need to get long-term care at some point. This can be very costly, and they might not have enough money to foot the bill for it on their own.
An elder law attorney can speak with your aging parents about how they can make long-term care a possibility even if their finances don’t look like they would allow it. It’s a brilliant idea to look into this sooner rather than later so your parents can avoid ending up in a tough spot.
Let Us Help Your Aging Parents Navigate Retirement
Most people look forward to retiring and enjoying their golden years. But some stress can be associated with quitting if people don’t plan accordingly.
Our law firm can help your aging parents figure out solutions for problems like long-term care. Don’t hesitate to reach out if you want us to assist your parents by providing them with legal services.