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What to Do If Your Parent Hasn’t Saved Enough for Retirement

In a perfect world, every senior would have enough money to retire. However, many older adults have very little post-retirement funds, making it difficult for them to enjoy a high quality of life. Here are a few ways family carers can help their ageing parents who haven’t saved enough for retirement.

Talk to Your Parent

Talking about money with an elderly parent can be awkward. For carers who suspect their parents don’t have a solid retirement plan, it’s important to broach the subject earlier rather than later. Before you can offer help, you need a clear understanding of the situation. Ask for financial details, like how much money your parent has in a savings account and whether he or she has outstanding debts. Once you have a clear picture of your parent’s financial situation, you can start to provide assistance.

There are a variety of health issues that can make it difficult for older adults to manage their own finances. If your senior loved one needs help managing an illness or assistance with daily tasks, make sure you choose a top-rated provider of home care. North Coast Home Care Assistance is here to help your loved one live a happier and healthier life in the golden years. From the mentally stimulating activities in our Cognitive Therapeutics Method to our friendly Care Managers who are available to answer your questions 24 hours a day, we offer a wide array of high-quality at-home care services. 

Suggest Downsizing

Downsizing is one of the best ways to free up extra money for a retirement fund. If your parent is still living in a three-bedroom house, he or she can downsize to a smaller living space. In the event your loved one lives in an area with a high cost of living, he or she can move to a more affordable area. For seniors who live in areas with good public transportation services, selling their cars is also an option. While seniors rarely want to leave their family home or trade in their car for a bus pass, these concessions can help them raise money quickly.

Many older adults are choosing to age in place, and some need a helping hand to continue living at home safely and comfortably. Luckily, there is professional senior home care North Coast seniors can trust and rely on. 

Encourage Taking Up a Part-Time Job

For some seniors entering retirement age, a small weekly salary would make all the difference. Family carers can help their parents find suitable part-time jobs. Older adults who enjoy reading may prefer working at the local library, while seniors who are handy around the house will appreciate working at a hardware store. Low stress part-time jobs are a great way for seniors to make a little extra money.

Share Your Space

Many senior citizens can’t afford to live on their own. Some move in with a family member with a spare bedroom, while others choose to rent out the spare bedroom in their house. If your loved one is comfortable renting a room, you can offer assistance by overseeing the rental process. It’s best to rent to someone your loved one knows, whether it’s an older friend who’s also trying to retire or a parishioner from church. Seniors may not expect to have roommates later in life, but it can be a source of comfort to them.

Look for Local Assistance Programs

When your loved one needs financial assistance, search for local programs and nonprofits designed to help the elderly. There may be programs that help seniors afford prescription drugs, daily meals, and other items. When their budgets aren’t affected by expensive medications, seniors may be able to live more comfortably. Check out My Aged Care to look for organisations in your area that help seniors age comfortably.

Older adults who want to live independent lives shouldn’t be afraid to discuss finances with their family members. Living independently is important for seniors who want to maintain a high quality of life. For some, this simply means receiving help with tasks that have become more challenging to manage over time. Even when families have the best intentions, they may not have the time to provide the care their elderly loved ones need and deserve. If your loved one needs help for a few hours a day or a few days a week, reach out to Home Care Assistance, a trusted provider of respite care North Coast seniors can depend on. To create a comprehensive in-home care plan for your ageing loved one, give us a call at (02) 6646 3527 today.