Every Dad has an eventual plan to retire. They may have it mapped down to the finest detail or have little figured out. Retirement plans may have changed, especially amid inflation and rising living costs.
Many fathers have suspended or delayed their retirement to earn more money. If you are looking for ways to help your Dad plan for retirement, fortunately, there’s a lot you can do. Retirement takes a lot of preparation and financial planning to ensure they have enough to live comfortably.
Here are the different ways to help your father as he approaches retirement.
Talk About It
Talk openly about what retirement looks like to your Dad. Get him thinking about his preferences and what he needs.
Bring Your Siblings In
If you talk about retirement, consider including your siblings as well. Especially if your Dad’s financial position is not overly secure, it may be a tough conversation, but talk to him and your siblings about what to do about his retirement.
Ask Him About Work
Some fathers may want a phased retirement. In this scenario, they move from full-time work to part-time, holding off on taking retirement benefits to bring home more money while they’re physically able to work.
Make Sure He’s Secure and Safe
Security matters. Ensure he is living somewhere where he’s safe and where security is prioritized. This is where retirement homes are advantageous. If there is an incident where he needs immediate help, someone’s there ready to assist in a heartbeat.
Consider Retirement Homes
Cash out on any home equity your Dad has and move into retirement homes. Many homes are fully equipped with amenities to help your Dad live his best life as a retiree, with access to medical, entertainment, food, and activities.
Talk to Him About a Medical Alert
A quarter of seniors fall in their homes every year, many in the bathroom, kitchen, and on the stairs. A medical alert system can be the difference between life and death. Discuss with your Dad about starting to wear a medical alert in case of emergencies.
Commit to Spending Time With Him
Many seniors are nervous about starting retirement out of fear they may be lonely. Assure him that you will set aside time to visit him. This can help nudge your Dad towards finally deciding to retire.
Research Financial Assistance Programs
Help your Dad save money in the present by looking up financial assistance programs for his utilities, senior assistance programs, tax rebates, local services, senior discounts and rebates he can earn, and other ways for him to keep more of his money to put into his retirement.
Help Him Set a Budget
Help your Dad evaluate his finances. Look at his expenses and what income he will bring during his retirement. If he chooses that path, advise him on how he can increase his income.
Find Areas to Reduce Expenses
If he doesn’t already, encourage your Dad to start budgeting today as if he was retired. Cut unnecessary expenses or lower his bills by looking at his monthly subscriptions, cable TV and internet package, phone plan, and non-essential spending, such as vacations or eating out. He can save hundreds a month by making small adjustments here and there!
Eliminate Risk
There are better times to bet big on risky assets. Remove Risk altogether, maximize returns, and withdraw investments smartly.
Identify a Timeline
As you work through your Dad’s retirement budget, this is typically where one sets a timeline. Provide an exact date for retirement that you can start planning for.
Encourage Him to Speak to a Financial Advisor
Especially if assets need to be sold and investments need to be cashed in, encourage your Dad to speak to a financial advisor. They can help you acquire money from where your Dad has invested it.
Get Him Excited About His Retirement!
No one will want to plan for a retirement they aren’t excited to live. Talk to him about all the time he will have, ways he can invest that time, hobbies and skills he can learn, and things he can pursue that he has yet to be able to.
Be Ready to Set Up Some Tech for Him
Help make retirement easier by setting up your Dad with his Netflix account, smart home and security accessories, and more. If he’s still in the planning stages, list what you think he would need to live comfortably in retirement.
Help Him Downsize His Assets
Whether he wants a retirement home or downsizing to somewhere more affordable is smart. However, before he can cut his monthly rent or mortgage, he will need help downsizing his furniture and the physical assets he will bring.
