After a lifetime of working 5 days a week, retirement is well-deserved. Retirement can often make your loved ones excited and anxious. It is an exciting time to spend with their family and grandchildren aiding in their growth, relaxing and picking up hobbies. For many though, their financial troubles can cause additional and unnecessary stress. As an adult you may be able to relieve some of this stress by having a conversation about money management with your loved ones. There are many ways that you can help alleviate the worry about dealing with technology and remembering to pay their bills on time so that they can enjoy their retirement peacefully.
1. Offer to Help
By being there for your loved ones and offering to help ease their stress, it will make their retirement so much more enjoyable. Start by trying to determine what aspect of managing their finances is causing them worry. Is it that modern technology and online bill pay is confusing to them? Is it remembering to pay their bills on time? Try setting up automatic bill pay so that they don’t have to worry about dealing with it each month.
2. A Little Help Goes A long Way
Remember that although your loved ones may need help, they still want to be independent. Offer help and let them know that you are there for them in whatever they may need, but allow them to tell you how much help they desire. Most elderly people want to be independent for as long as they can, so allow them some independence when helping with a task.
3. Make Extra Time to Talk about Details
Glossing over your parents’ problems will only make those small problems become larger. Whether they have expressed frustration with their finances or you have seen it first hand, take extra time to talk about these problems. You want your parents to know that you are there for them and make them comfortable.
No one wants to talk about the idea of the mortality of yourself or your loved ones, but it is one of those conversations that needs to be discussed. Suggest that they look into a power of attorney, in the chance that something physically or mentally happens to them and that they are unable to make financial decisions. It is also important that they consider putting a will together. Nothing is more important than having these difficult conversations so their decisions are set in stone.
Lastly, make sure you are following up to make sure their bills are being paid and whatever they were having trouble with financially is taken care of. Although these conversations are not always the easiest but your loved ones deserve a stress free, relaxing environment in their retirement.