How To Help Your Parents Plan For Retirement

By: M. Kaye Hash

Break Studios Contributing Writer

One of the biggest life transitions for parents will often come after all the children have left the nest so it is important to learn how to help your parents plan for retirement. Retirement is a big change and your support will be a huge benefit for your parents.

Offer financial help. Finances are the most important aspect of retirement as it is what will keep your parents comfortable and keep them from having to return to work. Offer to set your parents up with a financial advisor who can help them monetarily plan for retirement.
Talk about where they will live. Help your parents plan for retirement by discussing where they will live. Discuss if they will stay in their current home, if they will downsize, or if they would prefer to move to a retirement community where there are less responsibilities and more time for fun.
Discuss plans such as hobbies or travel. Ask your parents what they plan to do during retirement, what kind of hobbies they will take up or if they will travel around. Discussing their plans is important and is it may affect how much you and other family members get to see them.
Encourage social events or volunteer work. If your parents plan for retirement seems to be turning into sitting at home and watching TV, you may want to encourage them to get out. Offer to help them find social groups or volunteer opportunities in your town.
Converse with your parents about their own health. Make sure your parents plan for retirement by preparing their health. Discuss how they will stay healthy and their concerns about health insurance or their own physical issues. Find them a doctor if they are not comfortable with their current health care.
Remember that they are the parents. No matter how old you get, your parents are always your parents, even if you are helping them plan for retirement. They may not want to discuss their finances, health, or anything with you. If this is the case you should be respectful and assure them that if they do need you that you are available to help.