The key when you are planning for the future, particularly when supporting aging parents and children still at home or needing support, is that you plan and ensure you are covering your financial needs as well.
When you reach an age in your life where you are supporting your children and supporting your aging parents, you can often feel stretched to ensure you are supporting everyone financially as well as emotionally.
By ensuring specific financial steps are covered, individuals can have the peace of mind that they are covering all bases and ensuring their finances are in order while at the same time supporting their loved ones. Balancing parent care with caring and supporting children can be a challenge, however, it can be done with some planning measures in place.
It is quite common for middle-aged individuals to be supporting the needs of their aging parents, while at the same time supporting their children. With millennials demanding extra support from their parents, it can be challenging to balance the finances and ensure finances are in order for middle-aged workers who are focused on retirement and planning for their future.
Tips for financially planning for adult care and child care
If you’re wondering how to plan for your financial future when financially supporting aging parents and children, there are some simple steps to consider to ensure you are prepared for the future.
Chat with aging parents about their needs
When there is a need to support aging parents financially, any information should be shared to ensure all parties are aware of the needs and finances of the aging couple.
Exploring retirement plans, financial needs, income, long term care and any desires is an important step to ensure parties will be supported financially and there is adequate time to prepare. As well as this, children should be included in discussions about parent’s finances to ensure complete transparency.
Save for the future
Keeping the savings in order and adding to savings on a regular basis will ensure that financial security is a primary focus. Planning for retirement might seem a while away, however, starting early is the key and will help to ensure any unexpected costs can be managed.
Living on a pension can be a challenge and a huge change in lifestyle. That’s why it’s important to look at investment options such as ETFs, stocks, and long-term savings accounts that accrue higher interest rates to maintain your lifestyle and help boost financial goals.
Document your financial goals and savings plan
While it might seem overboard, documenting your plans and getting your finances in order for the future, making everything legally binding for you and your aging parents can make the commitments you make a little more binding and will ensure you remove emotions from your decision making.
The key when you are planning for the future, particularly when supporting aging parents and children still at home or needing support, is that you plan and ensure you are covering your financial needs as well.
While it might be a challenge to cast your mind into the future and plan for your financial needs, taking the time to financially plan will ensure you are prepared and you have adequate finances to cover your commitments and family needs.
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