Financial advice for ageing parents
As your parents age, one of the most important things you can do for them is to help them manage their finances. Unfortunately, many people don’t know where to start when it comes to giving their parents financial advice. Here are a few tips to get you started.
Helping your Parents Stay Financially Healthy
One of the most important things you can do to help your parents stay financially healthy as they age is to encourage them to stay on top of their finances. This includes encouraging them to create and stick to a budget, as well as monitoring their account activity and helping them stay informed about financial scams. You can also help them stay healthy financially by teaching them responsible money management, such as saving for retirement and investing wisely. Finally, it’s essential to remember that your parents may need different levels of assistance at varying stages of their lives, so be prepared to adapt as needed.
Resources For Ageing Parents’ Finances
Several resources are available for ageing parents who need help managing their finances. In the US, the National Council on Aging (NCOA) is a good place to start, as it provides helpful tips for ageing parents looking to manage their finances. You can also find a variety of resources and information on topics such as healthcare, retirement, and financial planning.
Another great resource for US citizens is the Financial Industry Regulatory Authority (FINRA). FINRA offers a wealth of information for seniors on topics such as investing, retirement planning, and estate planning. FINRA also provides access to free online tools and calculators to help seniors plan for their financial future.
If you’re looking for more specific advice on how to help your ageing parents with their finances, it may be helpful to consult a financial advisor. Financial advisors can provide personalised advice based on your parents’ unique situation and needs. This can be especially helpful if you’re unsure how best to help your parents stay financially healthy.
An equity release calculator can be an excellent tool for parents looking to release some of the equity in their homes. Equity release calculators allow you to estimate how much money you could potentially release from your home and the monthly payments you would be required to make. This can be a helpful tool for parents considering releasing home equity to pay for retirement or other expenses.
There are many different equity release calculators available online, so it’s essential to do your research before choosing one. It is best to use a no-details equity release calculator. It’s also important to consult with a financial advisor before releasing equity from your home. They can help you weigh the pros and cons of this decision and ensure that you’re making the best possible choice for your family.
As your parents age, it’s crucial to have open communication about finances and estate planning. Talk to them about what they want their final wishes to be, and make sure you are both on the same page regarding money. You may also need to take on a more active role in managing your parents’ finances as they age. By being proactive and communicating with each other, you can help ensure that your parents stay financially secure as they age.