While you do not mind physically helping your parents as they age in Kentucky, you may have hard limits in your ability to help them financially. You want to take care of them, but you also need to care for yourself.
InvestingAnswers offers up ways to assist your parents financially without breaking your own bank. Learn to help your parents the right way without derailing your own financial goals.
Talk about their retirement plan with them
No matter how reluctant you (or your parents) may be to do so, it is best to sit down and talk with your parents about the financial aspect of their retirement plan. You could offer insights or resources they may not be aware of that can help stretch their money and ease your mind.
Help them apply for Social Security
Depending on your parents’ overall comfort level with technology, they may not have a clue about how to go about applying for programs like Social Security and Medicare. Besides reaching out to a professional estate planner, you can do a bit of research on your own to understand how such programs work and how to make the most of them.
Discuss their retirement budget
Once you and your parents have a better idea of their retirement income, you can help them figure out a retirement budget. Cutting out unnecessary spending and making use of coupons, discounts, apps and the like can save a lot of money. Be sure you factor in medical bills and the cost of long-term care insurance for senior citizens.
This information is only intended to educate and should not be interpreted as legal advice.