Blog | 5 P’s of Life
Has the pandemic caused you to be concerned about your aging parent?
Maybe your aging parent is living alone, whether from a divorce or death of a spouse.
Maybe your aging parent is struggling with their mobility.
Maybe your aging parent is showing signs of declining cognitive abilities.
While a vaccine may be around the corner, many people are re-thinking where their aging parent lives. Distance makes it challenging to check in on them and offer care.
Whether or not to move your aging parent closer to your home or in your home is a tough question to analyze. There are expected expenses and unexpected expenses associated with a move.
But there are also costs that have no price tag, such as their sense of independence and the impact on your family.
Even if it makes sense to you to have your parent closer, it may take them away from their normal activities and friends. Share with your parent several housing options so they can contribute to the decision instead of being told what to do.
Having your parent closer will increase your responsibilities and take time away from your current routine with your spouse and kids. On the other hand, it may help strengthen relationships by creating more family moments.
Address all of these concerns with everyone impacted prior to a move. Open conversations may not resolve every concern, but at least you can begin to formulate a solution.
As for relocation costs, estimate the following expenses. Review your parent’s finances to determine if they can afford these expenses or if you need to supplement it.
Cost to prepare their home for sale (repairs, renovations, decluttering)
Relator fees and other closing costs
Packing and shipping expenses (you may need to hire someone to pack your parent’s belongings and transport them)
Other tasks to consider when relocating your aging parent include the following:
As you go through the planning process, you’ll probably identify additional tasks. Discuss your plan with other family members to identify any gaps.
Once you estimate the overall expenses to relocate your aging parent, set aside at least 20% more for those unexpected expenses. This cushion will help reduce the stress as you begin the move.
Any type of move can be stressful. Manage your expectations and recognize things may not go smoothly.
Stay focused on your objective. And more importantly, keep your sense of humor.
ABOUT THE AUTHOR:
Niv Persaud, CFP®, CDFA™, RICP®, CRPC®, is the Founder of Transition Planning & Guidance, LLC. Life is more than money. It’s about living the lifestyle you want and can afford. For that reason, Niv consults with clients on money, life, and work. Her approach capitalizes on techniques she learned throughout her career, including as a management consultant, executive recruiter, and financial advisor. Her services include developing spending plans, comprehensive financial plans, divorce financial reviews, retirement plans. Niv actively gives back to her community through her volunteer efforts. She believes in living life to the fullest by cherishing friendships, enjoying the beauty of nature and laughing often — even at herself. Her favorite quote is by Erma Bombeck, “When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left and could say ‘I used everything you gave me.’”