As our parents grow older and we start to gain our own autonomy and stability in life, we often wish to give back to them in a meaningful way. One great way to do this is to help your parents prepare for their future, which may mean allowing them to make transitional lifestyle and financial decisions that will benefit them as they move into a senior way of living. If your parents are open to assistance and have asked for your help, here are some excellent ideas that will allow them to age comfortably and securely.
Create a Financial Plan That Covers All the Bases
It is in you and your parents’ best interest to discuss the financial aspects of aging
first as this will impact all areas of living in the future. If you have parents who are older but in great health, you may only want to talk about making sure they have plenty of money in their savings accounts, have life insurance to cover any possible accidents in the future, and have the right health insurance policy that offers the best price for their medical needs.
If they are older, you may want to look into taking over their finances, mapping out how much support you can give them, and what options you have at your disposal.
Regardless of their current situation, here are some topics to touch upon as you are making a plan with your parents.
- Their current financial standing. Ask how much they have in their savings and checking accounts, what their current income looks like, and what their current financial responsibilities look like (debts, insurance premiums, mortgage payments, etc.) You will want to find a financial advisor who can give you the big picture.
- Their current insurance policy and whether or not it will help them in the future. For example, if they are on Medicaid or another policy and they have not yet, they will need to look into Medicare and supplemental plans to cover their financial bills. You should also make sure they are paying a fair price, can cover their future premiums, and will receive care for any illnesses they may experience in the future.
- If your parents are already struggling, look into financial support options that can help them with their needs. For example, if they have a terminal illness and can’t afford their care, you can look into reaching out to viatical settlement companies who will purchase their life insurance and will give them a lump sum of cash as their payout. The best offer will often go to the seller who has low premiums and a shorter life expectancy.
Keep in mind that these are just a few ideas and that you should do your best to ensure that all bases are covered when it comes to your parents’ finances.
Change Their Home to Fit Their Physical Needs
As we grow older, our bodies can’t perform the same tasks that they were previously able to. Instead of accepting this, help your parents plan for a better future by making their home better suited for their needs. As homeowners, they can remodel their home to:
- Make their current bathroom safer (adding a walk-in tub, non-slip mats for slippery tile, etc.)
- Add railing to various sections of the house
- Build wheelchair accessible entrances and ramps
- Bring countertops and storage spaces down to the proper height
Unless you are an architect or have had years of experience as a contractor, you will want to look for a business that can assist you in your home remodeling project and look for handicap bathroom remodeling contractors NJ. This way, you can guarantee that you will have a great experience with a company that will work with you every step of the way and that the end result will be a great job.
Beyond the physical and financial, you will just want to make sure that you are spending plenty of time with them and working towards a future that they will enjoy. If you are looking to help your elderly parents prepare for the future, use this guide to start the conversation.