As your parents age, their needs will inevitably change. But it’s not always easy to talk to them about the life changes that come with hitting certain age milestones. They may be used to managing their own lives independently and may be embarrassed to talk about certain topics with their kids. Being sensitive to their state of mind can go a long way towards alleviating their discomfort; it also helps to keep them involved in any decisions. Some subjects may be more crucial than others depending on your situation, but in general here are four things you need to talk about with your aging parents.
1. Their finances
Money management can be a concern for some older adults. Your aging parents may forget a bill payment or two and incur late fees in the process. The solution may be as simple as setting up automatic payments, but they may need help with tasks like these. If they have broader financial concerns, it may be worth getting them an appointment with a financial advisor who can make the necessary recommendations, such as borrowing against the cash value of their whole life insurance. It’s not just about saving; the golden years should also afford your parents some opportunities to enjoy their money.
2. Their overall health
As people age, they may. have health concerns. It’s a good idea to talk to your parents about getting regular health checkups as they grow older. Some parents will not object to your presence at their doctor’s appointments, others may prefer to talk to the doctor separately. Try to stay abreast of the medications they are on and any health problems that they may have. You may also want to talk to them about long term-care options if they need it.
3. Their living situation
The subject of whether to live at home or not can be a difficult one for your parents to discuss, so try to approach the topic with empathy and sensitivity. Some individuals know beforehand that they eventually want to move to a retirement community or understand that they might have to move to an assisted living facility. Others may not have given it much thought. This decision will likely take into account their age, health, and mobility – but there could be other factors such as their attachment to their home, their community, and local friends. The idea is not necessarily to push them to choose, but simply to encourage them to consider their options.
4. Home improvements
Aging can affect mobility which in turn impacts a person's ability to tackle flights of stairs, step in or out of bathtubs, or tend to expansive gardens. Home security also becomes a bigger concern with age. If you notice that your parents aren’t able to climb stairs or tend to the garden the way they used to, you may want to talk to them about adding mobility aids to the house. Additionally, a home security system, video doorbell, and window locks may help them feel safer at home. For those with beautiful gardens, you may have to install an irrigation system for the plants or hire a gardener if need be.
The primary purpose of permanent life insurance is to provide a death benefit. Using permanent life insurance accumulated value to supplement retirement income will reduce the death benefit and may affect other aspects of the policy.
Source: iQuanti
