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 Southfield, 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 855.947.3838.
The Best Time to Start Retirement Planning is Now
It is never too early to start planning for retirement. Many people have regretted not planning soon enough, making it more challenging to budget their finances to accommodate retirement living costs and finding the right location to meet their needs. 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?
- How much money will you need to save to retire?
- What will your estimated monthly spending be in retirement?
- Where do you want to live and in what type of home?
- How will you cover medical expenses?
- How will you invest your money to hit your retirement goals?
A lot more goes into planning for retirement, but this is a good starting point to get the process started.
3 Ways to Start Planning for Retirement
If your parents have not started planning for senior living, you can help encourage them to begin the process now. Once you have got them thinking about their plan, you can help them set up some action steps to prepare their retirement options.
Here are some ways you can help your parents with their planning for retirement:
- Talk to your parents about the retirement lifestyle they envision. This should include the general location, type of home, and amenities they would be interested in. Figuring out how they would like to enjoy their retirement can help them estimate their expected budget. 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 retirement living communities’ options, including independent living facilities.
- To make the most of their money, help your parents research investment opportunities that may be best suited for seniors. Making smart investments will help their budget go further for many years to come. You may wish to consult with a financial advisor to help your parents choose the best investment options to ensure their financial security.
Once you have a plan in place for your parents, you can rest easy knowing that they will be prepared to enjoy their retirement years.
Southfield Makes Retirement Planning Easier
Financial planning for retirement can be tricky, especially when seniors cannot estimate their monthly expenses. There may also be other unexpected costs in retirement, making the budgeting process more difficult, such as the cost of household maintenance and upkeep.
At Southfield, we understand that seniors on a fixed income need to budget their finances without any unanticipated expenses. We make retirement planning easier by providing independent senior living, including housekeeping, dining services, transportation, a fitness facility, and home maintenance.
Residents should spend their time enjoying their retirement lifestyle without worry about financial struggles and household chores. Southfield residents enjoy the comfort of living in their own homes while receiving the many benefits and social aspects of living in a senior community. For more information about how we make retirement living worry-free, give us a call at 855.947.3838 or use the online form.