When your parents reach this stage of life, it may fall on you to ensure that they have what they need. That could mean watching expenses more carefully so the cost of their retirement doesn’t cut into your future. It helps to think creatively about your parent’s finances. Planning now may help later. Going over a parent’s finances is not an easy conversation to have. Here are some resources to help your elderly parent, if they’re running out of savings.
Help Them Budget
To understand what they have available, you first need to grasp where their money goes. If they live on their own, calculate their needs, such as utilities, housing, medical insurance and food. After that, look for ways to cut. Do they spend a lot on items they don’t need? Do they still have a gym membership, even though they haven’t gone for years? Do they have a number of unread magazine subscriptions? Walk them through what you see and discuss what could be taken out and what must stay.
If they live with you, then you may find even more ways to save. Do they spend on food, even though they eat with your family every night? Then combine food costs. Take them with you to the grocery store, and make sure they pick out a few things they want, but make sure they don’t needlessly spend money on food for the house.