Children helping seniors out

 I have written a number of times about my friends and family using their assets to help out their children. Today with inflation increasing it is becoming more and more difficult for many seniors to make ends meet. So many children may be willing or in a position to help their parents make ends meet. So let's take a look at what a child could do to support a senior who needs help.

Today as more and more Boomers are reaching retirement age, which should be something that they look forward to after years of hard work for some this is a big concern. Recent polls have found that more than half of Americans are behind on their retirement savings goals, and twenty percent are unsure of their retirement savings status.

In addition, with life expectancy rates increasing and financial stress due to the coronavirus pandemic taking a toll on the economic environment, the potential of running out of money during retirement is higher now than before COVID. A recent study found that one in five Millennials spends approximately $18,000 per year to help financially support their ageing parents.

If you have a parent or a relative who is out of work or retiring here are some ways you may be able to help without putting your financial future in jeopardy.

Before having any discussion with your loved ones, come to terms with what you’re comfortable doing for them. You may decide that you’d like to invite your loved ones to live with you, or that you’re willing to help pay a specific bill each month, or maybe you’ve decided to loan them a substantial sum of money. Then, be clear about how you are and aren’t willing to aid and create ground rules to avoid confusion or future disagreements.

Encourage them to see a financial advisor who can assist in sorting through their finances, create a plan to manage debt, and ensure that their immediate and long-term financial needs can be met. In addition, they can work with you to help alleviate any of the financial stress that you may have taken on in the process of helping your loved ones.

If you’re not able or willing to provide financial support to your loved ones, consider other ways in which you can help ease their burdens. Non-financial support can come in many forms, including help with budgeting, accompanying them to appointments, helping run errands, providing a meal once a week, cleaning the house, or tending to yard work and minor house repairs. Over time, this type of help may be more beneficial to your loved ones than simply writing a check.

No matter how you decide to help in their time of need, do not put their financial needs above your own. Otherwise, you’ll find yourself in the very same position once your retirement rolls around. Continue saving for your retirement and consult a financial advisor for yourself before making any decisions regarding your loved ones. Tap into other resources for your loved ones, including community organizations and other family members, to avoid stretching yourself thin.