According
to U.S. News & World Report,
Houston is one of the 20 cities where most Baby Boomers will retire and, increasingly,
middle-aged adults (most likely Gen Xers) find themselves caring for elderly parents
as well as children of their own.
The
need for investment management in Houston has never been greater. Without the
proper strategy, this caretaking burden can lead to undue emotional and
financial stress.
It’s
admirable to want to help your parents when they can no longer care for
themselves, but doing so in a way that jeopardizes your own health or financial
well-being only transfers the problem. As your parents get older, it’s
essential to discuss their plans for the future and the role you will play in
their care with your investment management Houston firm.
Helping your parents maintain independence
Depending
on your parents’ needs, avoiding full-time residential care may not be feasible,
but proper planning and support may enable them to continue living independently
longer.
Age-proof their home. Falls are one of
the biggest hazards for seniors—and often the catalyst for a move to a nursing
home or assisted living facility. Steps such as installing sturdy handrails,
shower seats, and safety handles in bathrooms can help reduce the risk of
falls. Hiring a cleaning service to keep clutter at bay may also be worthwhile.
Seek out more suitable accommodations. Even if aging in
place is the plan, your parents’ current home may prove too costly to maintain
or impractical to modify as their needs change. Consider looking for housing
where upkeep is less burdensome, and where the layout and amenities are more
accommodating.
Moving
to a new home may not have been the plan, but staying in a house that is
inaccessible can be even more problematic.
Consider moving them in with family. If the space is
available and safe for an elderly person, moving in with a family member might
be a suitable short- or long-term possibility. Of course, this is a major decision
that should be carefully considered by everyone involved. Providing housing is
one thing, but providing care for someone whose mental or physical state has
deteriorated is another matter. Before your parents move in with you or a
family member, think carefully about whether it makes sense for all
parties—personally, financially, and otherwise.
Accompanying
your parents to meetings with their doctors, attorneys, investment management
Houston advisors can also provide insights into their ability to continue
living on their own. The most important thing is to find out what your parent needs
or expects from you. It’s
always best to have this conversation before a crisis occurs.
