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.
 

Adult child: Effective communication is key
For those of us lucky enough to have parents well into their older years, we’re often faced with a delicate balancing act: the need to be helpful without being overbearing or over-protective of them.
Read more.
Parents: Create a plan on your own terms
For many, the older years can seem like a kind of bookend to life, a time for getting all our plans in order. From a wealth planning perspective, however, organizing our financial and related affairs is best done earlier rather than later. Inevitably though, this can be difficult to execute given how overwhelming it may seem.
Read more.
Perspectives on aging: Independence and other concerns
What are some of the main concerns of aging Canadians? And how can adult children help a parent alleviate these concerns? We discuss some of the triggers that each family member should consider.

Never too early to plan

It may be difficult to think about a time when we may not be able to take care of oneself, but it’s inevitable for many of us. That’s why it’s absolutely critical to make key decisions while you’re still healthy and able. When you’re ready to start planning, there are people who can assist you in making the necessary arrangements. Think carefully about what you need and what you want or don’t want.

Clearly, aging is a time of transition. Taking some time to look at the issues you may face and plan accordingly can make the path ahead easier and more enjoyable for you and your family.

Our priority is to help you put the right pieces in place to remain comfortable.

Talk with a Richardson Wealth Investment Advisor to discuss and plan for your later years.