Planning for aging parents is critical! We plan for our wedding, our children, the education of our children and hopefully retirement, so why don’t we plan for the aging years? Making a plan is very important as the population gets older.
We talked in previous blogs about aging parents living on their own and the need to assess our parents as they age. This article is going to deal with what happens if your aging parents can no longer live on their own; and they are not even close to the point of needing to move to a retirement facility.
This usually occurs if a spouse dies, but it may be because of other circumstances, the most likely reason being a drastic decline in finances. While many people have planned for retirement, circumstances can alter that plan.
It has been said that people don’t fear dying without poor; they fear living without money.
Why is planning for aging parents critical?
Frankly, I am aging! No, I’m not ‘there’ yet, but I want to sit down with my children and talk about the ‘when’.
Being a rather independent person, I do not want to be a burden to my children.
I am sure most parents feel the same way, but reality is with the economy the way it is, there may come a time when independent living is no longer an option.
According to AARP; parents living with an adult child were 4.05 million in 2008. By the end of 2011 the number climbed to 4.6 million. This may be due to failing health or the death of a spouse, yet a growing number are moving in with a child because of a drastic decline in financial stability.
Why do we make a plan for taking care of aging parents?
So when the time comes, if the time comes, you will know what you would do if you are the parent; and what you would do if you are the child.
Planning for aging parents ensures there will be clear ‘guidelines’ as to:
- Which child would have the space
- How the finances would help
- What resources are available where the parent would be living
- Are their children near or far away?
Talking through this together, before the need arises means a better transition IF the need arises.
Parents moving in with children: things to consider…
- How will chores be divided?
- What about TV use?
- What appointments are during the week?
- How will they get to religious services?
- Will they be allowed to bring their pets?
- How much the parent wants to help and how much the adult child expects the parent to help.
- How will family activities; eating out, family vacations be handled?
- Is the parent still able to drive or is it necessary to make transportation LINK arrangements?
- What local resources are available for aging parents?
- Discipline of grandchildren is another big item; are you and your parent on the same page with this?
All of these considerations and more need to be discussed when you planning for aging parents.
Taking care of aging parents requires that you do your homework…so do it!
Talk about finances. Consider all living arrangements. Find out the resources that may be needed now and as your parent ages.
Making a plan ahead of time can limit the stress and frustration that could otherwise occur, if the need arises.
So…MAKE A PLAN.