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How to Help Parents Manage Finances as They Get Older

July 14, 2017 in: How to Help Parents Manage Finances as They Get Older,

Your parents have been there for you through every step of your life, making sure you maintain a decent and comfortable lifestyle. But as they start to age, roles often reverse and the perks of adulthood start to dawn upon you. Soon you’ll realize that you’re in charge of taking care of their needs instead of them taking care of yours. The major problem that aging parents often have trouble with is their finances. Usually because of diseases caused by old age, they are incapable of handling finances and that’s when you should step up and return the favor.

How can you help?

First and foremost, you need to understand that your parents might not always come to you for help, so you need look at possible signs indicating a warning. These may include:

  • Cognitive impairment
  • Physically weakening illnesses
  • Emotional stress
  • Unopened mails or unpaid bills
  • Lack of activities that they once enjoyed
  • Loss of a spouse

These are some of the major signs and if you feel like there’s a financial crisis that your parents may not be talking about then here’s how you can help:

üBring up the topic

This is the tricky part because you need to empathize with your parents, especially if they’re choosing not to talk to you about finances. Brace the topic with caution and let them know you’re there to help. You can do this by:

  • Helping with a financial chore they don’t particularly enjoy
  • Ask for financial guidance
  • Talk about setting up and power of attorney for yourself and then have them guide you via the necessary documentation.

Remember to be cautious and not let your parents feel like you’re imposing a financial plan upon them.

üAutomatic bill payments

This is a simple way to ensure that your aging parents don’t miss deadlines. By setting up automatic bill payments, deductions are made in a timely manner and they don’t have to take any extra stress over it.

üMoney gifts

Remember when you sometimes received money as gifts, from your parents, and how happy that made you? Well, why not try the same thing except gift your parents enough for them to tackle a certain financial crisis? It relieves the burden, of a crisis, from their shoulders without being asked for it and the best part? You’ll be put in their good graces!

üFinancial plan

Sometimes you have to brace the subject directly and see if they have a financial plan set up for the future. You can do this and have an intervention with them and your siblings to see who would be a suitable power of attorney in future cases.

üRetirement homes

Financial crisis are inevitable and sometimes, to ease their burden, you can also suggest retirement homes such as The Palazzo in Phoenix, AZ. They’re not only comfortable to live in, but they take the load off of some of the major financials.

You can try these tips and see if your parents are willing to oblige. Remember, it’s not always going to be easy especially with your own financials at hand but at some point your help will be an absolute necessity.

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