3 Best Ways to Help Your Aging Parents Retire in 2020

As a caring adult child of aging parents, you want to find the best ways to help them retire in 2020 and beyond. There are many things that you need to consider to ensure their physical, emotional and financial security and happiness in their golden years. 

Even if your parents have led healthy and active lives, you want to make sure everything indicates smooth sailing as they leave the workforce and launch this new phase in their lives. 

If you are worried about how you can best help your parents retire in 2020, here are three ways you might consider trying.

1. Go Over Their Financials Before Retirement

Ask your parents to sit down with you and a financial advisor, or at least just a financial advisor, to make sure everything is in good order. If your parents are struggling financially, it is better that you learn about that as soon as possible. It may be difficult for them to discuss it, but it is vital to have this conversation to make sure they have everything they need to retire comfortably. If they are nervous about the conversation, reassure them that you only want the best for them and that it is better to confront any issues now, rather than if/when they get into financial trouble later. 

2. Encourage Them to Stay Mentally and Physically Active 

If your parents have no definite plans once they retire, they may go through shock and depression. People often don’t realize how important work becomes in their lives in terms of social life and feeling a sense of purpose. Encourage your parents to stay active in various ways, such as through volunteering, taking on a part-time job, and exercising regularly. Here are a few additional ways you can help them avoid feelings of isolation: 

  • Encourage them to keep driving if they can do so safely
  • Ask if they might like to join a senior group
  • Search for local colleges that offer special classes for seniors
  • Look for community centers in their area that offer fitness, crafts and games

3. Help Them Enroll for a Medicare Plan 

One of the most important things you need to do is make sure your parents have excellent healthcare coverage. As they approach retirement, you may be wondering who is eligible for Medicare and what do they need to do to apply.

Here are a few requirements for applying for Original Medicare, which includes Parts A and B. In general, applicants must:

  • Be 65 years of age or older
  • Be eligible to receive Social Security benefits
  • Be a U.S. citizen or permanent legal resident
  • Have end-stage renal disease (ESRD)
  • Have ALS, or Amyotrophic Lateral Sclerosis, also known as Lou Gehrig’s Disease

Once you have determined that your parents are eligible for Medicare, they can then apply for Medicare Parts A and B, and eventually Part C (a Medicare Advantage plan) and Part D (prescription drug coverage). 

Helping Your Parents Retire in 2020

Retirement is an exciting, emotional and sometimes frightening time. Everyone fantasizes about leaving the workforce for greener pastures, but the reality is a little more complicated and uncertain. Helping your parents move through the process will ease them into this new phase of their lives with maximum security for every aspect of their well-being. 

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