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Retired Parents: When is it your turn to step in?

Many of us know that we will have to help out our kids financially, but few of us have ever given thought to the real possibility that one day our parents may need financial help as well.

Often times recently retired parents, with work finally over, begin to live the lifestyle they feel that they have been missing…   How do you help your parents realize that they are burning through their savings and retirement money and that they are putting their new freedom in jeopardy?

Get the facts before you over react to your parent’s new way of life.  Don’t act on your assumptions before finding out just how much money they actually have.

Spending habits that suddenly change could be the sign of health problems or other concerns that you are unaware of.  Be respectful of their privacy but ask them about their change in spending habits if you are concerned.

Have a heart to heart talk with your parents.  Don’t be accusatory or controlling.  Ask them if there is anything you can do to help them with managing their money to allow them the freedom from worry.

Keep an eye on your parents, particularly if bills become unpaid.  There may come a time when you will have to step up and ensure that your parents are financially secure.

If you or your parents find that you are having trouble with your finances or if you are looking to become debt free call Debthelper at 800-920-2262, or visit @ www.debthelper.com.

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