Have your parents recently retired? Let’s face it – Life after retirement can be difficult, and many people struggle to adjust to life without work. While it can be hard to see your parents getting older, helping them to enjoy their retirement is an essential way to support your parents in the way they’ve supported you over the years. It’s your duty, after all.
Seeing your parents enjoy their retirement ensures that they get to do everything they worked hard for. Your help and planning will allow them to enjoy the retirement they deserve.
“Helping your parents prepare for retirement is one of the best gifts you can give the people who raised you,” says Wisebread.com. “That’s because even the most financially savvy planners may run into issues, questions, or problems that they are not sure how to handle. You can help your parents get ready for retirement, and grow closer in the process.”
Help them to switch off
Among pre-retirees, a recent Business Wire survey discovered that half of retirees don’t have any positive financial role models- and consider finance topics too taboo to discuss openly.
Giving up working can be one of the most difficult things about retirement. Not having a daily routine or a sense of purpose can make someone feel restless, but it’s also important to learn how to switch off. Meditation, or yoga might be an option for some older people, who really want to take their brain’s abilities to the next level. If not now, then when?
Help them to budget
Without a monthly salary coming in, your parents are now facing the daunting prospect of having to live off their savings and/or pensions. It’s a challenge!
A budget can be seen as a negative thing, but it can actually be a great way for older people to enjoy their retirement. Making a retirement budget will ensure that all bills and living expenses are paid for, leaving the rest for them to enjoy themselves. Help them by keeping a watchful eye over their finances, and let them know that they can come to you if they need to.
Offer them support if they need it
It’s not easy to admit when you need help, and your parents probably feel embarrassed (or even ashamed) to have to ask for it. You can support them in little ways by doing their grocery shopping, inviting them round to dinner or helping with the gardening.
Where I live (in Sydney, Australia) Aged Care is a big deal, and is a focus of the government’s recent budget. If your finances allow, it might be worth looking at aged care packages which can take care of many household chores – allowing your parents to focus on themselves for a change.
Help them get to grips with technology
Technology can be a wonderful thing, and Baby Boomers have always been at the forefront of technological advances. Teaching them to use the internet to book travel, to shop or pursue their interests can open up a whole new world to them that will help them enjoy retirement. Talk to your parents about technology so that they feel in the loop.
While caring for your parents can be a real wake up call, there are many things that you can do that will help them to live more independently and enjoy their retirement. Remember, this is one of the most important things you’ll ever do.