As time passes, you may notice that your parent or parents are having trouble with their retirement planning. You may want to help but don’t know how. Here are a few things you can do to support your parents’ retirement plans.
Retirement Planning Basics
Financial Planning
Retirement planning is a process with multiple steps that takes time to build. To have a secure and comfortable retirement, you must start planning sooner rather than later. If you are helping your parents plan for their retirement, first start with their retirement goals. What is it that they want to be able to do in retirement and what will it cost?
Second, look at the different types of retirement savings accounts that can help your parents raise the appropriate funds to retire comfortably. As your parents save more money, they will have the choice of how to invest it in order to make it grow.
Lastly, you will want to consider taxes. If your parents have received tax deductions over the years for the money they’ve contributed to their retirement accounts, then there is a big bill waiting for them when they start withdrawing. You should ask your financial advisor about ways to avoid this.
Care Coordination
Confident Living is a Continuing Care At Home (CCAH) program. It’s part of a not-for-profit organization with over 100 years of experience in helping people live well, wherever they are. Our members trust us to help them navigate their options so they can live independently in the comfort of their own homes.
A Confident Living membership grants you 24/7 access to a dedicated Care Coordinator–an experienced healthcare professional who is matched to each member. Their job is to help arrange and monitor services so you can maintain an independent lifestyle in your own home.
Care Coordination lets you rest easy, knowing that support is already in place before you or your spouse need it. Through an initial personalized assessment, your Care Coordinator will become familiar with your health and lifestyle preferences. It’s this knowledge that will enable them to support you when a need arises–taking the burden off your family and friends.
Whether you need guidance and support surrounding a change in health or help with finding qualified professionals for a home maintenance project, your Care Coordinator is just a phone call away.
Home Modifications
Most seniors, your parents included, appreciate what their home has to offer as they age. Unfortunately, most homes aren’t designed for aging. This means your parents’ home may require some modifications for comfortable aging. Here are four modifications to help your parents age in place.
Widen Doorways
If your parents rely on mobility aids like walkers or wheelchairs, having a wider doorway will make navigating the home easier.
Install Ramps
Exterior stairs may become a challenge over time for seniors who are unsteady on their feet. Installing ramps can make getting in and out of the home easier and safer.
Kitchen Modifications
Your parents may find that over time, their appliances and countertops are harder to reach and use. And if they are in a wheelchair, cabinets are likely useless. You might want to hire a professional contractor to look at your kitchen and recommend modifications to make the space more friendly to your aging parents.
Shower and Bath Modifications
If your parents are opting to age in place, then you should consider helping them decide on modifications for the bathroom and shower since these are common places where falls occur. Putting handles around the shower and toilet can help reduce the dangers of this area.
Technology
There are many ways technology can help you age in place. To discover smart home smart devices that can help you, read this article. To check out other devices that will make your life easier, read this article.
With all the senior living options today, researching each of them can be exhausting. To help, we have created your FREE Your Options for Future Care to get you started.
Confident Living is a continuing care at home membership program, focused on helping you remain active and independent as you age in your own home. We serve the greater Cincinnati area. For more information, contact us online or call (513) 719-3522.