Tips on how you can guide your loved one to a successful retirement.
Your parent may be feeling mixed emotions about facing retirement. On one hand, not having to go to work every day may seem like a blessing. On the other hand, they may feel anxious and unprepared for what’s to come in this next chapter of their life. There are a lot of components to consider and understand for a successful retirement. You can assist your loved one in having a smooth retirement transition by developing a plan that will protect them financially, mentally, and physically.
Retirement requires a lot of financial planning. Since your parent no longer will have a consistent source of income with their job, you need to make sure they will still be financially supported through their retirement years. You can aid them in their finances by looking into their savings as well as their social security benefits. Your loved one may qualify for benefits such as the housing choice voucher program, tax credit for the elderly and disabled, USDA housing repair program, Medicaid, and food assistance programs. You also should make sure their insurance policies are up to date since this will help protect them from any potential risk they may face in retirement. These include automobile, homeowner’s, life, and long-term disability.
You can also help your loved one in saving a lot of money by addressing unnecessary expenses. For example, if they are spending much more on cable than they would on a streaming service, you know what they should cut. Your parent understanding of what’s worth spending on and what’s not can help them be financially structured and stable.
Some seniors even seek new revenue streams once they’re out of work. Multiple streams of income can help pay off debt and bulk up their savings. If your loved one wants to have another source of income, you can help them sell unused items online or rent out a spare room or property on AirBnB. Your parent could even turn their hobby into a side business or invest in real estate to gain revenue.
You want to make sure your loved one is safe if they’re spending more time home alone. As they age, they are also at more risk of falling and facing fatal injuries. There are many key safety measures to take if your loved one is aging in place. Consider adding security systems, installing assistive devices around the home, and removing safety hazards. You can also invest in a medical alert system that will allow them easy access to a live operator in case of an emergency.
Your loved one may not be used to this new abundance of free time and not know what to do with themselves. Ease their worries and help them brainstorm ways to keep themselves occupied. This is an exciting opportunity to make time for things they could never do before.
Introduce your loved one to technology! Technology opens doors for entertainment but your parent may never have paid enough attention to realize that before. Show them how they can use their devices and the internet to subscribe to streaming services, play online games, get in contact with friends, etc. Technology can be great for entertainment and practical purposes when used wisely.
Make sure your parent is still socially interacting! Socializing is key to maintaining their cognitive abilities as well as their mental health. Your loved one may be spending an increased amount of alone time now that they are no longer working. Helping them make room for social interaction and join activities where they can meet new people will prevent them from feeling lonely and unfit for retirement.
Not only does joining a class/activity help build relationships, but it can also help your loved one learn new skills and build a hobby. Your parent finding what they’re interested in and pursuing it will help keep them occupied and excited about life! As said previously, they can even turn their hobby into a side business and make revenue.
First and foremost, don’t bully your loved one into making decisions they are not ready to make. However, lifestyle changes such as downsizing can bring in financial benefits for their retirement. They can save money on maintenance and utilities each month by downsizing their home or car.
Retirement also allows seniors the time to focus on their health and self-care. Your parent can make lifestyle changes to take care of themselves such as switching up their diet and sleep schedule which can help benefit them in the long run.
With all this information to consider, seniors can get easily overwhelmed by the retirement process. They’re not alone though, you can be your loved one’s helping hand! However, when offering them guidance and assistance, make sure it doesn’t derail your retirement plan.
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