One family, multiple perspectives
Aging parents, their adult children and planning considerations
One of the best things about being older is the freedom to live as you wish, particularly if you’ve planned well. Beyond financial freedom, however, there are also day-to-day liberties that we all enjoy and, frankly, are entitled to. As an aging Albert Einstein once put it: “I have reached an age when, if someone tells me to wear socks, I don't have to.” Sock-aversion aside, aging parents and adult children can be on a different page when it comes to lifestyle choices: where to live; when to downsize; whether to get extra help; when to stop driving; and of course, money arrangements. The issue of an older individual’s ‘best interests’ may be more complex if they have health or cognitive problems. Here we examine two major planning issues – retirement living arrangements and downsizing – from the aging parent’s and adult child’s perspective.