Planning for the Unexpected: How to Help Your Parents

Financial advice retirement

Getting older is simply a part of life! It should be a time to reflect and feel most fulfilled knowing we lived to our very fullest. At this stage of life, most strive to enjoy the company of our loved ones and make the most of the beautiful life they’ve created. 

But as we grow older, there’s no denying that we may need assistance at some point. When your parents get to the point where they need support, it can be difficult to know the next steps. 

When the time comes, it’s important to consider sitting down with your parents and having a friendly discussion on what they want. For financial matters, it’s a good idea to speak to a financial advisor. They may be able to provide you with a helpful roadmap that could assist your parents enjoy their older financial years. 

When Should I Discuss Aged Care with My Parents?

You will know it’s a good time to discuss aged care steps when you notice that your parents may need more assistance than they used to. Simple tasks, such as grocery shopping, travelling to appointments and maintaining house chores may become more difficult. 

It’s ideal to have aged care discussions as early as possible so they can make sound decisions without feeling rushed. 

While some are keen and open about the idea of aged care, some don’t want the burden or may even try to minimise the issue. Lots of older people would like to stay in their own homes, so they may not be as happy if they move to an aged care home. So before you make this big decision, it’s important to sit with your parents and discuss the whole process with one another. 

However, it’s important that everyone is informed of what the options are, so a comfortable decision can be made; keeping everyone involved happy.

What are the Different Options For Aged Care?

There are various care assistance and housing options available today. And the truth is, the choice will solely depend on your parents’ preferences, health, age, financial health, and the level of care they need. 

  • Home Care: This assists those who are still independent but may need assistance with daily chores at home. This service allows your parents to remain in their homes and maintain independence.
  • Retirement Villages or Assisted Living Communities: These services provide living arrangements that meet independent and dependent individuals.
  • Aged Care Facilities: If your parents cannot live independently, aged care may be the best option.

How Do I Help My Parents Financially?

If your parents are having issues with handling their finances, it may be worthwhile to speak to a personal financial advisor to ensure that everything is in check. This way, managing their finances may become easier, and with that, you can help your parents manage the finances required for aged care. 

It’s important for you and your parents to have a good grasp of the expected aged care expenses and have an effective roadmap in place that can help navigate the expected expenses as they get older. 

Consider Seeking Financial Advice When it Comes to Aged Care Planning

As our parents age, the level of care they’ll need will most likely increase. Seeing as getting aged care or assistance is a big investment and an ongoing expense, it may be best to sit down with a personal financial advisor and discuss the options that best suit their financial health. 

Getting the right advice can help you make big financial decisions, putting you and your parents at ease.

How Can We Help You?

Getting financial advice for aged care and retirement is crucial; that’s why it only makes sense to work with financial advisors you can trust. 

Blue Financial can help you and your parents navigate the complexities of aged care and create a personalised financial plan to help secure peace of mind. 

Contact our financial planners in Ballarat to reach your retirement goals today!

General Advice Warning: This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.

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