You do not have to care for others alone.
You have aging parents.
You have children of your own.
You are also nearing retirement.
You feel pressure in all directions.
According to a recent The Motley Fool article titled “How to Help Your Parents Retire Without Derailing Your Own Retirement,” you are not alone.
Nearly 16 percent of Americans are currently providing care for an aging relative.
This number will continue to rise as the population ages.
Neglecting your own saving for retirement, does not do you (or anyone you love) any favors.
What can you do to protect your future, while also caring for your children and parents?
Look into government assistance.
The government has many programs for citizens at different life stages.
Research whether your loved ones might qualify for help with food, utilities, housing, or healthcare.
For example, there may be the option of Supplemental Social Security Income for those over age 65.
What does this do?
In the year 2019, this provides up to $771 per month if your parent is single or $1,157 for a qualifying couple.
You should have a budget.
Your parents should also have a budget.
Keeping track of money will help remove unnecessary expenditures.
It will also help you understand what steps need to be taken to cover costs.
Have a sale.
Whether you need to simply downsize or have valuable antiques, selling possessions can help.
Use the money to take care of expenses.
Create a plan.
You and your parents will continue to age.
You cannot neglect your own future needs.
Discuss future needs with your family .
Be realistic about the cost of your parents care and the care you may need in the future.
If you have siblings, work together now to better care for your parents later.
One sibling should not bear the responsibly alone.
Working with an experienced financial advisor and estate planning attorney can help you meet the needs and demands of aging.
Reference: The Motley Fool (August 25, 2019) “How to Help Your Parents Retire Without Derailing Your Own Retirement”