Millennials is typically a term that refers to young adults that are from the ages of 25 to 40. Altough millenials may get a bad rep, they shouldn’t be counted out. Millenials have started to think about how to best care for aging parents and are changingthe narrative of adulting.
According to caringadvisor.com at least 33% of Millenials have started to care for their parents and saved about $3,000. It’s possible that with cases of Corona virus the percentages can be expected to rise.
Millenials are more than Tik Tok, Beyonce, brunch and nfts, so let’s give some credit where it’s due. Millenials contribute to many conversations that have previously been considered taboo. And have also begun to do the work to break cycles of generational curses. Let’s explore the ways millenials will show up for their parents.
Most millenials are driven and are busy with traveling, career and entrepreneurship in addition to establishing their own families. Obviously, any big change requires preparation but it is especially true with regard to caring for aging parents. If you’re a millennial, here are some ways you can help your parents transition into a retirement lifestyle.
Make a List to Prioritize:
First, make up a list of family members that can help you to organize. Next, make a list of expenses and topics that you will cover during a meeting with your parents. For instance, you and your sibling(s) may want to discuss living arrangements, transportation and pets. Also, add property (ie.: sale of your parent’s home or lawn care) groceries, doctor appointments, and life insurance to the list.
Talk It Out :
Once you and your loved ones have an agreement about the list of priorities arrange a meeting with your parents. Avoid a setting that would create too many distractions or barriers in communication. Also, be open and honest with your parents about the nature of the meeting and present your list of topics. Revisit each topic one by one. Allow each parent to address their concerns, wishes and preferences. Take notes of the agreement terms are and what will be discussed at a later date. Taking notes at the meeting is vital because it will tell you how much money to save. Additionally, it will allow you to create an ideal living scenario and a preferred schedule.
Furthermore, taking action early means there would be enough time to iron out any kinks. In addition, it may prove helpful to inquire of parents and be knowledgeable about any health concerns. That way any special accommodations such as a home nurse or companion can be factored into expenses.
Millenials are increasing their scope on financial literacy and how they perceive it. The best way to increase knowledge in this area is to research for solid financial advice. Determine what your primary financial goals are. Also, use your notes to decide how much money your parents will need. Develop a road map to your financial goals by saving, budgeting, cutting expenses and keeping your lines of credit open. It may also be helpful to get advice from a financial advisor regarding investment options. The sooner you begin the better! Ensure you can care for your parents comfortably and without putting yourself at a great strain.
Cover All Angles:
Arrange for legal representation. Legal counsel can assist with the process of setting up power of attorney, power of executrix and a living will. Also, be sure that life insurance is in place.
Revisit any topics that were questionable to agree upon a final solution. Execute the plan with loved ones according to the agreement.
Although this isn’t the most fun task, when this time comes you will be glad that you have prepared.