Aging certainly is part of the circle of life. If we are all fortunate, someday we can repay the favor of our parents caring for us, by caring for them. It is a time in one’s life that does not come easy and should be handled with the utmost care. In my line of work, I witness the tolls and stress caring for an aging parent can have on both the child and the parent. Albeit, no easy task, there are certainly best practices developed by many elder care experts I thought appropriate to share with you here today.
Below is a seven-step guide that is practical and easy to follow for caring for an aging parent (or family member):
1. Assess their needs.
Start by understanding your parents’ specific needs across all facets of their lives. This should span from family support, home safety, medical requirements, cognitive health, mobility, personal care, meal prep, social interaction and exercise. It is important during this stage that you properly evaluate what current support there is in these areas and where additional support/resources are necessary.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
2. Consider your capacity.
Although we all want to be able to help our most precious loved ones, it is important to do some self-assessment of your actual capacity to do so. You should assess your own health, proximity, living preferences and relationship quality with your significant other.
Being able to acknowledge when you are not the appropriate caregiver is just as important as acknowledging when you are the right person. This should allow you to understand where you may need some help and where you might not.
3. Involve your parents.
It is an important step to not make decisions in a vacuum. You should absolutely, assuming they’re able, include your parents in these discussions. It is safe to say they are likely to have some opinions on the who, what and where of their aging needs. I’d also add in here to include your immediate family as well, since, as they say, it will take a village.
4. Understand their finances.
Bet you didn’t see this one coming?! Elder care can be not only physically and mentally draining, but it can also be financially draining. Before curating a care plan, it is important to understand the financial landscape. The questions to be asked are what kind of care do you anticipate your parents needing? What are the estimated future costs of their needs? What do their current finances look like? Is anyone in your family going to assist financially if needed?
Answering these questions can help you assess the financial needs and, thus, understand what the optionality is for care. I’d also highly suggest involving your, or their, financial experts to help assist in this process.
5. Ensure their home safety.
Remember how I mentioned life comes full circle? Bet you remember baby-proofing your home once upon a time so your little ones wouldn’t smash their little heads. Well, full circle, here we come. You will want to “parent-proof” your parents’ home to prevent accidents.
This can entail home modifications, decluttering, installing grab bars, improving lighting and making general accessibility enhancements where needed. This is an important step and one that can enable your loved ones the dignity to stay in their own home for as long as possible.
6. Facilitate communication.
Regardless of your ability to physically care for your loved ones, every one of us can help with a communication plan. This cuts two ways. For starters, you’ll want to make sure your parents have the appropriate accessible communication devices to reach out in times of need.
Additionally, you can help by combatting loneliness. Just because you are super busy every day, doesn’t mean your aging parent is as well. Take time regularly to reach out and check in on these special people. It is the easiest thing to do and likely will go the longest to preserving dignity for all.
7. Explore care options.
The final stage is to fully understand what care options are available. You can take this on yourself or utilize a professional geriatric care manager. You or they can help assess what in-home options or assisted living options are available based on preferences, needs and finances.
Even if you’re not ready to utilize the options today, it is important to know where you are going to turn if/when the comes.
If you follow these seven easy steps, you’ll at least have a good start on handling this difficult time in your lives with dignity. There are plenty of professionals who can help along the way, so take a deep look in the mirror when considering what you are capable of and what you are not. Use help, involve your family and handle it with care. Sending love to all, and stay wealthy, healthy and happy.
Diversified is a registered investment adviser, and the registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the SEC.
A copy of Diversified’s current written disclosure brochure which discusses, among other things, the firm’s business practices, services and fees, is available through the SEC’s website at: www.adviserinfo.sec.gov.
Diversified, LLC does not provide tax advice and should not be relied upon for purposes of filing taxes, estimating tax liabilities or avoiding any tax or penalty imposed by law. The information provided by Diversified, LLC should not be a substitute for consulting a qualified tax advisor, accountant, or other professional concerning the application of tax law or an individual tax situation.
Nothing provided on this site constitutes tax advice. Individuals should seek the advice of their own tax advisor for specific information regarding tax consequences of investments. Investments in securities entail risk and are not suitable for all investors. This site is not a recommendation nor an offer to sell (or solicitation of an offer to buy) securities in the United States or in any other jurisdiction.
Related Content
- What to Discuss With Your Aging Parents as They Get Older
- What Gen X Needs to Know About Their Aging Parents' Finances
- How the Social Security Bridge Strategy Works
- How Average Is Your Net Worth?
- Is Your Spending Out of Control? Three Ways to Fix It
-
Cord Cutting Could Help You Save Over $10,000 in 10 YearsHow cutting the cord can save you money and how those savings can grow over time.
-
The '8-Year Rule of Social Security' — A Retirement RuleThe '8-Year Rule of Social Security' holds that it's best to be like Ike — Eisenhower, that is. The five-star General knew a thing or two about good timing.
-
You Were Planning to Retire This Year: Should You Go Ahead?If the economic climate is making you doubt whether you should retire this year, these three questions will help you make up your mind.
-
Are You Owed Money Thanks to the SSFA? You Might Need to Do Something to Get ItThe Social Security Fairness Act removed restrictions on benefits for people with government pensions. If you're one of them, don't leave money on the table. Here's how you can be proactive in claiming what you're due.
-
From Wills to Wishes: An Expert Guide to Your Estate Planning PlaybookConsider supplementing your traditional legal documents with this essential road map to guide your loved ones through the emotional and logistical details that will follow your loss.
-
Your Home + Your IRA = Your Long-Term Care SolutionIf you're worried that long-term care costs will drain your retirement savings, consider a personalized retirement plan that could solve your problem.
-
I'm a Financial Planner: Retirees Should Never Do These Four Things in a RecessionRecessions are scary business, especially for retirees. They can scare even the most prepared folks into making bad moves — like these.
-
A Retirement Planner's Advice for Taking the Guesswork Out of Income PlanningOnce you've saved for retirement, you'll need your nest egg to support you for as many as 30 years. For that, you need a clear income strategy, not guesswork.
-
Why Smart Retirees Are Ditching Traditional Financial PlansFinancial plans based purely on growth, like the 60/40 portfolio, are built for a different era. Today’s retirees need plans based on real-life risks and goals and that feature these four elements.
-
To My Small Business: Well, I've Been Afraid of Changin', 'Cause I've Built My Life Around YouWhile thinking about succession planning might feel like anticipating a landslide (here's to you, Fleetwood Mac), there are strategies you can implement to manage the uncertainty and the transition.
