If your parents are in the process of retirement planning, you may want to help them research which senior living options will work for their needs while also working with their finances. Knowing that your parents will be able to live comfortably in retirement can give you peace of mind.
At Senior Living Redefined Northfield, we understand that the search for the right senior living option can be overwhelming at times. To learn more about how we can provide a happy, healthy environment for your parents to enjoy their retirement years, give us a call at 844.334.1490.
The Best Time to Start Retirement Planning is Now
It is never too early to start financial planning for retirement. Many people have regretted not planning soon enough, making it more challenging to budget their finances to accommodate retirement living costs. Adult children want their parents to retire comfortably so they will not have to worry about them. Even if your parents have not mentioned their plans for retirement, you can bring up the conversation to help get them on the right path to retire with ease.
In the beginning stages of retirement planning, there are a few helpful questions to ask your parents:
- At what age do you want to retire?
- What will your estimated monthly spending be in retirement?
- How will you cover medical expenses?
- How much money will you need to save to retire?
- How will you invest your money to hit your retirement goals?
A lot more goes into financial planning for retirement, but this is a good starting point for brainstorming.
How to Start Preparing Finances for Retirement
If your parents have not started planning their budget for senior living, you can help encourage them to begin the process by asking the questions above. Once you have got them thinking about their plan, you can help them set up some action steps to prepare their finances for retirement.
Here are some ways you can help your parents with their financial planning for retirement:
- Talk to your parents about the retirement lifestyle they envision. Figuring out how they would like to enjoy their retirement can help them estimate their monthly costs. Once they estimate, you can help them determine how much money they would need each year to retire. There are free retirement planning calculators online that can help with this.
- Consider the best senior living option for their budget and desired lifestyle. Discuss whether your parents will need to downsize and explore their options for retirement living communities.
- To make the most of their money, help your parent’s research investment opportunities for seniors. Making smart investments will help their budget go further in retirement. You may wish to consult with a financial advisor to help your parents choose the best investment options for their needs.
Once you have a financial plan in place for your parents, you can rest easy knowing that they will be prepared to enjoy their retirement years.
Northfield Makes Retirement Planning Easier
Financial planning for retirement can be made trickier when you are not able to estimate your monthly expenses. Seniors may incur unexpected costs that were not part of their budget before retirement. Depending on their needs, the variable costs of having to hire someone to help with household tasks can throw a wrench in the budget.
At Northfield, we understand that seniors on a fixed income need to budget their finances without unanticipated expenses popping up. We make retirement planning easier by providing independent senior living, including housekeeping, dining services, transportation, a fitness facility, and home maintenance. Our residents can spend their time enjoying their retirement lifestyle without worry about additional household costs. For more information about how we make retirement living worry-free, give us a call at 844.334.1490 or use the online form.