Given all of the emotions around money, as an adult child, how can you approach the financial talk with your parent to ensure the greatest likelihood of an effective and harmonious conversation?
‘Tis the giving season when many of us donate to our favourite charitable causes. We do it because we want to support our local and global communities, and because it makes us feel good—and did you know donations made before December 31st allow us an income tax credit, too?
I was recently struck by the story of Shirley, a Chartwell resident living in one of their communities in Whitby, Ontario. Shirley was exploring retirement living because she thought the lifestyle would benefit her; she’d have more people to socialize with, less worry and responsibility, and just an overall increase in her peace of mind. The problem was, at age 82, Shirley didn’t think she should spend her money on a retirement residence; instead, she thought she should continue to save for her future.
This fall, don’t just rake the leaves off your lawn and clear clutter out of the coat closet – give your finances a good cleaning, too. Taking the time needed to review your financial situation and accounts can help you ensure you can comfortably afford the retirement living lifestyle you desire. Perhaps you may even uncover hidden costs that can be eliminated for even bigger savings.
With all of the changes that retirement can bring, it’s understandable if your aging parent may feel overwhelmed during their later years, especially when it comes to managing their finances. If they turn to you for assistance with their finances, there are many ways you can help. In fact, by lending a hand now, you can help ensure they are secure in their future, and perhaps even discover extra money or benefits that they may qualify for, notes Money Sense.
It’s important to consider finances when planning for retirement, and determining one’s financial situation sooner rather than later helps support confident and secure retirement planning while reducing potential stress down the road.If your aging parent has reached out to you looking for some support in managing their finances or planning for a retirement living lifestyle, consider asking them these four questions.
If you think a move to a retirement residence is a living option that may benefit you, but have doubts that you can afford the supportive lifestyle, you may be surprised to learn that there are some government programs that can help make your monthly rent more manageable. Here are five federal financial support programs that may help to supplement your monthly rent payments:
Did you know that March is Fraud Prevention Month? According to the Competition Bureau of Canada, this annual public awareness campaign aims to prevent Canadians from becoming victims of fraud. March 2016 marks this unique effort’s 12th anniversary.
Imagine having peace of mind knowing that your aging parent is secure and happy at all times – even when you aren’t there to help. A senior living community can provide your loved one with healthy meals, fun activities, and a group of friends that—together—can promote socialization during one’s retirement years. If your loved one is considering making the move to a retirement residence, but is worried about affordability, he or she isn’t alone.
When caring for an aging loved one, there may come a time when assuming some responsibility for his or her finances would greatly benefit them.