Being More Social With Aging Parents

Just when you think you’ve got it all figured out, something new comes your way.

Maybe you’ve got your teens all set – an idea of college, maybe even some money tucked away and you feel great. Then you realize that your aging parents need some help. They are on a fixed income and need some guidance in creating a budget, and guess what- you are the one to help them.

But do you really know how? Maybe not, but there is help for you out there.

Social Networking

Take a look online and check out some social sites that may be able to offer you just what you’re seeking.

AARP is always a go to for older adults.

This site offers information about various money matters for seniors, and it would be helpful for the children who are helping in the planning stages to take a look at some of these tools. The National Council on Aging is also a good place to find resources for the whole family.

If you are looking to go beyond Internet information and get active with communities, jump on these organizations’ Facebook pages.

Here you can interact with those in similar situations, find links to good information, share and read stories and stay active in a community without leaving your home. Because social media promotes interaction and conversation, you can pose questions regarding your parents’ financial budgeting and get some real life feedback.

Twitter is also a great place to find lots of helpful information regarding anything you want.

Instead of browsing a search engine and weeding through article after article, search on Twitter. You can go through your favorite feeds or search through something like #agingparentbudget. You may be surprised how much reputable and helpful information you can find.

How to create a budget for aging parents is different than creating your own budget, and you probably need some help. Other media can help you, like Mint.com and marketwatch.com. Most of these sites have their own social media that you can follow as well.

Just like you sat down and planned out college savings or even how you’d pay for dance class or tutoring for your child, you need to sit with your parents and/or a financial advisor to figure out their finances.

As time goes on, they may become unable to make good financial decisions, and it’s smart to have a head start on all of it before that time comes.

Know the Financial Situation

You need to know their financial standing and other important concerns:

•           Debts

•           Investments/assets

•           Documents

•           Power of attorney

•           Retirement

•           Estate planning

•           Medication and health care plans

This probably won’t be a joyful task because not only is it one dealing with money, but also the reality of your parents aging and losing the capabilities they once had.

Roles are reversed and it can be tough. Planning though, can make it a smoother transition.

Using social media to help get you all through this may sound surprising, but the wealth of information it can offer may be just the thing to make this a little easier.

Photo credit: lifebridgesolutions.com

[image error]