Interested to know how to get your elderly parents to stop saving and start spending on their retirement? Check out our advice on how to assist your parents to consider making the move to a retirement home for their security and health.
With many of our parents growing up in the Silent Generation, they were raised in a time of war and economic hardships where not a single penny was wasted. Many of them keep this mindset their whole lives, and as a result, refuse to spend any money on themselves. This can be frustrating, especially to their grown kids, who want them to enjoy their retirement they worked so hard to have. What can you do when your elderly parents refuse to spend their money on a transition to the ideal retirement residence?
You may think that as a retirement specialist, I encounter a lot of children eager for their parents’ inheritance. Truth is, more often than not, the children want the best possible life for the elderly parents who sacrificed so much for them. Here is advice on how to provide a better retirement for your elderly parents by finally getting them to spend on themselves.
As you’ve probably noticed, many parents turn their nose at senior communities or retirement homes. Although it is shown that seniors benefit greatly from the social interaction retirement homes provide, elderly parents simply hold a stigma against them. Discussing a retirement residence or senior community may seem like a difficult task, but it is ultimately best to have a proactive stance in this discussion. An important approach is by viewing the situation through your parents’ eyes. Why are they reluctant to spend their money? If you feel like they would rather dedicate their retirement savings for your inheritance, a genuine discussion is required. An important statistic should be noted: retirees are spending less than academics think they should. Your parents can enjoy a comfortable retirement at a reputable retirement residence while still leaving behind an inheritance for you and your siblings. Talking to your parents and being genuine will make it clear how much you care that they spend their money on an ideal senior community to meet their needs.
Take a Visit
Most people’s perceptions of retirement homes come from the limited exposure on TV and media, which often show them in a negative light. That’s why Lianas Services helps conduct retirement home tours which show they can be a great help for seniors. While talking to your parents may help, they still might not want to part with their money. Once they’re out and looking at residences, however, they will see the many advantages and they will notice that most of the residents are just like them. Most importantly, they’ll see better security for themselves. Actually getting to see where their money will go will help in the process of being comfortable with tapping into their retirement savings.
Something else you can do? Show that you want their quality time and that you are generally concerned about their overall health and well-being. Not their money. They took care of you growing up. Now it’s time to take care of themselves.
Are your parents still not convinced to use their retirement savings? If they do not believe that a retirement residence is financially possible, take the steps together on how to plan for it. Take them to a financial advisor to see how much will be left after accounting for retirement residence living. Or, consult with the likes of senior transition specialists like Lianas that can help advise on the entire transition process. Considerations such as no more property taxes, school taxes, condo fees, home maintenance and repair, utilities, alarm systems, lawn maintenance, snow removal, etc. all need to be taken into consideration. Your parents may be surprised by how much will be left over. By planning properly, your parents will feel more at ease that they can invest in their ideal retirement home while leaving money behind for you and your siblings.
For more guidance, please email us at email@example.com or call us at 1-877-450-3365 or 514-622-8074 and ask for Matt Del Vecchio.