EKAM WORLD PEACE FESTIVAL

Budgeting Your Finances For Your Parents’ Retirement and Elderly Health Care

Posted by on November 28, 2019 in Stuff with 0 Comments

Money management is not easy, and it can be challenging, especially for newlyweds and freshies to the professional industry. Proper money management is a huge issue among families, and money matters are significant things you need to settle as soon as possible. When it comes to the business industry, financial management requires thoroughly understanding how the budget flows.

Likewise, with a family, especially when the elderly parents are involved in the expenses. One way or another, people will age. And one of the main reasons why taking care of the elderly members of a family becomes a money issue is due to lack of preparation. In this article, we will tackle some points to have a better understanding of how to budget for your aging parents smoothly.

Budget Estimates

The first thing to check is the budget estimates. See how much will it cost if you will take care of an elder at home or have someone from a reputable home care provider to do it. Know the cons and pros of it. Try to see where you can save, consider the space, meal, nutrition, physical activity, and medicine maintenance. At some point, it is cheaper to have respite care at a credible home care provider than taking care of them at home.

Defining Resources

What are your resources? Do your parents have enough savings for their future? Or are you and your siblings willing to share for the expenses?

Delegation 

Who will handle the financial matters? It is essential to settle such things, especially if it needs a considerable amount of money considering the medication if there is any. Also, make sure to delegate each task. Do not let any member of your family carry too much load. If you are the one assigned to finding respite care, then have someone do the paperwork, while another one takes care of the financial matters.

Actual Expenses Computation

Since you do budget estimates, expect that it will change as the actual expenses are ongoing. Although, it might not be a huge difference, make sure to give allowance to your budgeting. Also, if you do the actual computation, include all the expenses, even the transportation allowance if there is. And make sure that everyone is there to see how much money is involved.

Retirement Plans

If you haven’t thought about it, have your parents get their retirement plans and health care plans like Medicare, which they can check at My Medicare Rates as early as possible. Make sure they both have something in the future in case they need special care. If they are both professionals and have retirement plans, make sure someone will handle the management for them. Their retirement plan is for their future care, not for the kids or the grandkids, so make sure that it goes straight to their needs.

No matter how big or small the budget is, make sure to settle it with your family. Most people lack money management, and this may sometimes lead to misunderstanding within families. So make sure everything is set and delegated accordingly.

Tags: , ,

Subscribe

If you enjoyed this article, subscribe now to receive more just like it.

Subscribe via RSS Feed Connect on YouTube

New Title

NOTE: Email is optional. Do NOT enter it if you do NOT want it displayed.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

FAIR USE NOTICE. Many of the articles on this site contain copyrighted material whose use has not been specifically authorized by the copyright owner. We are making this material available in an effort to advance the understanding of environmental issues, human rights, economic and political democracy, and issues of social justice. We believe this constitutes a 'fair use' of the copyrighted material as provided for in Section 107 of the US Copyright Law which contains a list of the various purposes for which the reproduction of a particular work may be considered fair, such as criticism, comment, news reporting, teaching, scholarship, and research. If you wish to use such copyrighted material for purposes of your own that go beyond 'fair use'...you must obtain permission from the copyright owner. And, if you are a copyright owner who wishes to have your content removed, let us know via the "Contact Us" link at the top of the site, and we will promptly remove it.

The information on this site is provided for educational and entertainment purposes only. It is not intended as a substitute for professional advice of any kind. Conscious Life News assumes no responsibility for the use or misuse of this material. Your use of this website indicates your agreement to these terms.

Paid advertising on Conscious Life News may not represent the views and opinions of this website and its contributors. No endorsement of products and services advertised is either expressed or implied.
Top
Send this to a friend