How to Help Your Parents When They Haven’t Saved for Retirement

June 5th, 2018 by John Wilson

Many people begin saving toward their retirement at a relatively young age, hoping to secure enough funds to live comfortably and fulfill their lifelong dreams once they do retire. For some, this means affordable senior living as well. Unfortunately, things can happen that can cause an individual to fail to have enough when they require assisted living in Oklahoma City. If your parents don’t have enough set aside for their retirement, there are several things you can do to help without harming your own future.

Determine Whether You Can Help

If you have the resources and are willing, you may be able to help your parents out to a degree. However, it’s important to remember you will be facing many of the same issues in your future as well. It’s important not to let helping your parents out interfere with your own retirement savings plan. This may mean you aren’t in a position to help, which can cause feelings of guilt. Thankfully, you have other options for helping your parents than solely providing for them financially.

Consider Long-Term Care Insurance

While there are likely stipulations on how long your parents must own the policy before they can begin using it, long-term care insurance can be an excellent option to alleviate some of the financial pressure retirement presents. This type of insurance often provides coverage for certain types of senior living options, including affordable senior housing. If they don’t already have it, encourage your parents to invest in long-term care insurance so they can feel more confident they can afford to handle their needs in the future.

Talk to a financial planner about affordable senior housing.

A financial planner can help plan for affordable senior housing.

Contact a Financial Planner

It’s important to know exactly what your parents are up against. What types of savings do they have? How much do they actually have saved? Once you talk to your parents about this important matter, help them find a reputable financial planner. These individuals will be able to look at the current situation and make viable recommendations to help your parents ensure their financial future, even if they have limited resources.

Provide Physical Support

You may not be able to contribute financially, but there are certainly things you can do to help your parents out and make their lives easier without creating a greater financial strain for yourself. For instance, if they are struggling with budgeting, especially for affordable senior living, sit down with them and go over their finances so they can get a clear picture of what they are facing. Helping around the house with chores, preparing meals, attending medical appointments, completing yard work and helping in other areas can provide the assistance your aging parents need to live a better quality of life.

Not saving enough for retirement can make it hard to enjoy your senior years to the fullest. Watching your parents go through this financial struggle can be extremely difficult, but the good news is you don’t have to sit on the sideline and watch them suffer. Even if you can’t contribute financially, there are other ways you can help make your parents’ lives easier as they go through their retirement years.

If you’re looking for affordable senior housing, contact us. We can help you decide how to make assisted living in Oklahoma City more feasible for your aging parents.

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