You’ve probably given your own retirement plenty of thought, but have you considered your parents’ retirement? Depending on their situation, it might be time to discuss this with them – and when you do, keep these key questions in mind.

What is their financial situation?

It isn’t easy talking to parents about money, especially if your family plays its financial cards close to its chest. But, if you’re part of the so-called ‘sandwich generation’ – you’re financially responsible for your parents as well as your own family – it’s an important discussion to have, sooner rather than later. If your parents are on top of their finances, you have nothing to worry about. If not, it gives you time to make adjustments and take the necessary precautions.

When do they plan to retire?

These days, not everyone retires at 60 or 65. Some people work well into their 70s or even later – either out of choice, or because they choose to. Make time to get up to speed with your parents’ retirement planning and find out when they intend giving up work. These timelines will impact how much money they’ll need, and it may be worth calling in an expert to give you professional advice.

Where do they plan to retire?

If you have the space, you may well be considering moving your parents in with you. If not, there are several options available – assisted living, retirement villages and homes, and home-based care. It’s a good idea to look into these options as early as possible because many retirement homes and villages have long waiting lists. Your decision may also be influenced by questions around medical care.

Will they need special medical care?

The aging process is different for everyone. Some people live unassisted well into their 90s, while others need assistance considerably earlier than that. The level of healthcare your parents require will be a key factor in deciding where they retire, especially if they need specialist medical care.

Evergreen Lifestyle retirement villages offer a range of healthcare solutions designed with the challenges and needs of old age in mind. Your parents will be able to relax, knowing that they’re expertly cared for, and free to enjoy life for longer.