As we age, so do our parents. And as time marches on sometimes the need arises to step up and take care of our aging parents. With today’s inflation, this can be a daunting task. Caring for our aging parents is something you hope you can handle when the time comes, but something you probably hope to never have to do. Caring for our aging parents means helping them plan for their future, and this can be overwhelming, both physically and emotionally. When the time comes for you to take care of your parents, you may be certain of only two things: Your parents need you, and you need help.
Inflation has an unavoidable impact on our parent’s future. Inflation has had an impact on not only our parent’s purchasing power, but also on the amount that is pulled from retirement assets. Both of these have a big impact on their quality of life and their mental health, as worrying about finances can cause many to experience anxiety and depression.
Steps you can take today to minimize the impact of inflation
The first step is to talk to your parents about the future. This may or may not be easy to accomplish as they might not be willing, or ready, to talk about it. Regardless, you will need to try to have this conversation.
Next, prepare a personal data record. Ask your parents to help you prepare this by disclosing the information you would need if your parents became incapacitated or died. This would include financial, legal, medical, insurance, and information about advisors and the location of the documents.
Don’t hesitate to ask for advice or support from a professional. Realize that you most likely won’t get everything you need to know to help prepare your parents for their future. There are probably many ways you can help them with inflation that you haven’t thought of. For example, a major item that immediately comes to mind is to reduce housing costs. Downsizing can help lower payments, energy expenses, taxes and insurance. In some cases, downsizing may mean your parents move in with you, or you move in with your parents to help with expenses.
Contact both financial and legal advisors. For financial advice, you can contact your:
- Financial advisor or investment counselor
- Your banker
- Your tax attorney
For legal advice, contact your:
- Legal counsel specializing in elderly affairs
Depending on the state of your parent’s health and mental faculties, you may also have to check into caregivers, day care or assisted living facilities. These are all things that your financial advisor can help you with.
As you can see, it’s far better to be prepared now for the eventuality of taking care of your aging parents rather than suddenly being thrust into it unprepared. Don’t delay…seek advice sooner than later.
In the Word
“Better a little with righteousness than much gain with injustice.”
Proverbs 16:8 (NIV)
Caring for our aging parents is a noble and essential responsibility, and doing so with righteousness means treating them with respect, dignity, and love. It emphasizes that the quality of our assistance and the genuine concern we show for their well-being is more important than any material gain or self-serving motives we might have.
Take this opportunity to create meaningful connections to contribute to their lives. This is essential at a time when they may feel vulnerable and in need of assistance.
Sources: Broadridge Investment Management Solutions
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