While it is everybody’s goal to care for themselves for life, there are occasions when your aging parents might need your loving intervention. One area of concern might be their ability to make prudent financial decisions if their cognitive function is declining. While you never want to overstep your bounds, you might need to step in, especially if you are noticing lapses.
Help Them Manage Their Investments
No one wants to lose autonomy. Anyone would resent even the hint that they are no longer able to care for themselves. If there are no major health or cognitive issues, give your parents as much control over their lives and finances as you can. If you do need to step in, do it gently. Start an open conversation about ways you can help them in their later years while your parents are still young. Letting them decide ahead of time when and for what reasons you will step in should help them feel less resentful later on. The best way to broach the subject is to simply ask them if they would like any help with their investments. Who knows? They might be more than happy to get some help.
Prevent Fraud
Sadly, elderly people are often targets of identity theft schemes and fraud. Of all the financial losses due to scams in the United States in 2020, a solid quarter of those losses were to seniors. A big reason for this is the generational gap when it comes to technology. Younger people generally have more advanced tech skills which allow them to pick up on subtle red flags. You can alert your parents to these scams without being offensive. Talk about the scams in a general way, rather than showing mistrust in your parents’ ability to discern them.
Make Sure They Are Making Do
In the United States, octogenarians and other older people have higher poverty rates than any other population. Many of these individuals are living without the most basic necessities, including sufficient food. At the same time, most parents balk at asking their children for help. Don’t wait for your parents to come to you. Be observant and pay special attention to their standard of living. Check on them regularly to ensure that they are paying their utility bills, seeing the doctor, and getting enough to eat.
Your parents gave the best of themselves to take care of you in your growing up years. Now that the tables have turned, give your parents the loving care that they deserve. It will be a fine line to walk between respecting their autonomy and extending help when needed.
Check out this article on how to meet your net worth goal before retirement!
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