How to help your parents plan for retirement
Some people are excited about their upcoming retirement. They have carefully prepared their future retirement plans and are ready to embrace this change in lifestyle with gusto. For others, impending retirement can come as a shock or an unwelcome prospect that causes worry and anxiety.
For family and friends, it can be difficult to know how our loved ones are feeling, so it’s important to take the time to talk about the future. Communication is key to preparing for retirement.
If you’re looking for tips on how to help your parents plan for retirement, we can help. Take a moment to read this short guide and learn how you could help your parents as they transition to retirement and look forward to the new opportunities ahead.
Getting ready to retire
The first step in preparing for the future is to understand your parents’ current situation, then discuss what might change when they retire. This would include their finances, lifestyle and potentially living situation for example.
Encourage your parents to look at their finances honestly and discuss how they are expecting to fund their retirement. Are there savings available? Do they have a mortgage or debts to clear when they retire? If this is the case, what are their options for clearing these debts?
Take your time and chat things through at home where everyone is comfortable. It may also be useful to seek expert financial advice during this time. The Money Advice Service offer easy to understand guides on how and when seek to financial advice when planning for retirement.
Organisations like IndependentAge and AgeUK, for example, offer excellent support services and online guides to help you and your parents prepare for retirement. The IndependentAge website in particular features a range of guides on how to handle difficult conversations which may help, as conversations around retirement can be hard for parents to have with their children.
For general retirement tips and advice visit the My Ageing Parent website. It’s written specifically for family members and shares regular articles and resources for helping loved ones prepare for their retirement.
Goals for the future
Encourage your parents to talk about how they want to live in retirement and what they want to achieve in this new chapter. Retirement is a change in lifestyle, it means more time to do what you enjoy and relax after many years of work. This is the perfect time to try new things and spend more time with loved ones.
Sit with your parents and make a list off all the things they’d like to do now they’re retiring. This could include:
- Revisiting old hobbies
- Trying new hobbies
- Learning new skills
- Learning a language
- Travelling the UK or abroad
- Moving home and/or relocating
The adventure can be as big or small as they’d like. A move closer to family and grandchildren offers the perfect opportunity to make new memories, and having your parents close by could mean a new enthusiastic babysitter for you!
If they speed through the wish list, there’s always the option of part-time work or volunteering in retirement. Check out these 10 ideas for part-time jobs for inspiration.
Giving your parents the gift of support with their retirement planning will help them relax and be excited for the next phase of their lives. Ultimately, they’ll be happier, healthier and enjoy their retirement which is what we all want for our parents.
Are your parents looking to move home in their retirement? Did you know the Homewise Home for Life Plan could offer them a significant discount on the price of their next home? Contact our friendly customer service team for more information and to discuss how we could help.