Selling a house does not make one homeless. There are great senior apartment complexes out there in many places for seniors who do not have a lot of money in the bank. We have one around the corner from our house for about $500 per month. YES, they may have to take a hit on standard of living and live in an apartment. BUT, it will be of their own making.
Best thing is no letter!!! During every visit insert a general comment about retirement planning in the conversation. May not get very far but for us it got parents to do the wills, durable powers of attorney and think about it. Gently let them know they have to "keep planning" for the day they have less stamina and ability to recover. I have the same issue with them listening.
Kind of like not springing it on kids what your college finance expectations really are. If you always expected them to save 50%, make that clear while they are growing up. Dont just drop them into it without warning. Tell them about consequences. You will probably get sick of repeating yourself. And it may help to find some books from advisors that are their generation for them to read and leave the books with them.
We bought my inlaws a little house 30 years ago and to this day, provide the taxes and insurance. We also provide pharmacy cards to Walmart so they can get their medicine. However, I have also told my husband for the last 20+ years that he only married me to be his nurse. Therefore, he is not expecting me to nurse relatives in any way and at any time. And I also gently remind him of this when we are talking about the health of his parents.
We have scouted out a variety of living arrangements for them but in our house is not going to be one of them.
Best thing is no letter!!! During every visit insert a general comment about retirement planning in the conversation. May not get very far but for us it got parents to do the wills, durable powers of attorney and think about it. Gently let them know they have to "keep planning" for the day they have less stamina and ability to recover. I have the same issue with them listening.
Kind of like not springing it on kids what your college finance expectations really are. If you always expected them to save 50%, make that clear while they are growing up. Dont just drop them into it without warning. Tell them about consequences. You will probably get sick of repeating yourself. And it may help to find some books from advisors that are their generation for them to read and leave the books with them.
We bought my inlaws a little house 30 years ago and to this day, provide the taxes and insurance. We also provide pharmacy cards to Walmart so they can get their medicine. However, I have also told my husband for the last 20+ years that he only married me to be his nurse. Therefore, he is not expecting me to nurse relatives in any way and at any time. And I also gently remind him of this when we are talking about the health of his parents.
We have scouted out a variety of living arrangements for them but in our house is not going to be one of them.