Many of us, at some point in our lives, find ourselves in a weird kind of “in-between” phase of life, a phase of life where we both have to raise and care for our own families, as well as for our aging parents.
If you have parents who have not adequately prepared for retirement and for the end of their lives, this can mean that at least some of the burden of paying for these things can fall on you. This can be a really difficult situation to find yourself in, especially when you’re still having to pay for your children’s expenses, as well as your own.
Fortunately, though, there are things you can do to hopefully prevent this kind of thing from happening, and, if it’s too late for that, to try and make the situation less of a burden for you and your family.
Talk About It
One of the worst things about having to “foot the bill” for parents who are unprepared for retirement is that it often comes as a surprise. Many people just assume that their parents have adequately prepared for retirement only to be shocked when they learn that their parents either have no savings or don’t have nearly enough.
To keep these kinds of ugly surprises from happening, take the time to talk with your parents and see where they are in terms of planning for their retirement. If they haven’t made any progress or haven’t made as much progress as they should, help them to get a plan together. Getting outside help form a financial adviser can also be useful for helping to get your parents on track.
Don’t Forget About Yourself
While it’s noble (and often necessary) to help your parents “get themselves together” when it comes to retirement planning, remember that you have to think about yourself and your own future retirement as well. If you don’t, then you will just be repeating the same bad habits your parents had.
So, even though you will want and need to help your parents when it comes to their retirement planning, be sure to put yourself first! After all, you and your retirement matter too.
Make a Game Plan
Finally, if your parents are already at retirement age and don’t have adequate funds, then it’s time to just accept the situation and do what you can to mitigate the damage.
Seeking professional financial assistance and learning about other resources that can help seniors to make ends meet during retirement can really come in handy in this situation. It’s best, of course, not to get into the situation if you can help it, but if it’s too late for that, then you’ve just got to do the best you possibly can under the circumstances.
If you can keep these tips in mind and follow them carefully, then both you and your parents should enjoy a happy retirement.
