For some people, the idea of not having to work anymore seems like a dream, but there are also some who will anxious and uncertain about the big changes that retirement brings. If your parents are currently preparing for their retirement, there are some things that you can do to help them to make the transition as smooth as possible.
Financial Planning
The first thing that most people think (and worry) about when they’re preparing to retire is their financial plan for the future.
Talk to your parents about their budget and timeline, and help them to make the right decisions about Social Security and health insurance. If you’re in need of help understanding Medicare, there are services out there to help you. If your parents are interested in maintaining a steady source of income for their retirement, you can talk about investing in options like rental properties. It’s also a good idea to suggest that talk to a financial advisor who can help them to make the right decisions about their money, and how best to make the absolute most of what they earned and have been able to save during their working years.
Downsize
Some retirees will want to move to a smaller home after they have retired. Downsizing can be a good way to lower your costs, and it can also help make housework a lot easier! A smaller home needs less maintenance, will be easier to move around in, and be more energy-efficient and cheaper to run. Moving to a smaller property can also offer some more funds that can then be put towards making some investments that can provide a steady income and more comfort.
Think About Security
You will want to know that your parents are safe when they’re on their own. You should think about getting them a good home security system, as well as an easy way to communicate with you at any time. Make sure you talk to them about financial scams, as these often target older people. If they’re online, chat about online security and social media etiquette too.
Medical Alert Systems
Falls in the home are common in seniors. Accidents are most likely to happen on the stairs, in the kitchen, or in the bathroom. To reduce the risk, help your parents to minimize clutter and potential dangers around the house, such as rugs that might be tripped over.
You can make sure your parents are safe by installing a medical alert system that will allow your parents to get immediate access to a live operator in the case of an emergency. Choose an alert system that is easy to install and can be activated by voice or pushing a button. You could give your parents a wearable help button that has auto fall detection. If they use these systems, they can call for help easily if they do have a fall or another accident at home. These systems can allow your parents to live independently for longer too.
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