In the later stages of life, many seniors want to stay independent for as long as possible, but there usually comes a time when they need more support. So how can you do more for your parents to keep them safe and comfortable, without taking away their sense of independence and dignity? Here are some practical tips to guide you through the process and minimise stress for everyone involved:
Talk together as a family
Instead of waiting until one, or both, of your parents are facing a crisis with their health and/or finances, have a family meeting to talk about what they would like to happen. While it may be a tricky subject to tackle and one the whole family can feel quite emotional about, being prepared to care for your parents as they age can make it a lot less stressful when there’s a change in circumstances. Even if your parents are in the best of health now, that situation can change overnight, quite literally, if they were to have a stroke or a fall.
The question of care
How your parents want to live out their days and what they can afford are really the two important questions to address. Answering the following questions can help you determine the best way forward for your parents as they become less capable of looking after themselves:
Do you plan to stay at home as you age?
The answer to this question isn’t always yes, but many people feel safe and comfortable in a home that’s familiar. The idea of moving somewhere new later in life can be pretty intimidating so wanting to stay put is a natural and very popular choice for seniors. In the 2018/19 budget, $1.6 billion was allocated to providing 14,000 additional high‑level home care packages by 2021/22. So if your parents are set on staying in their home, talk to them about the possibility of seeking the extra help they might need, from a government subsidised service, family members, or both.
How well are you coping at home?
Some parents may say they don’t need any help with day-to-day living at home. If this is the case, you may need to do some sleuthing and check if they’re showing any signs of actually needing assistance. Seeing things that are out of character – like a messy house or garden, not cooking or shopping as often, wearing dirty clothes – could be warnings that they’re struggling to do things they normally would.
Do you feel connected to your family, friends and community?
If it puts your parents at risk of becoming more isolated, staying at home may not be the perfect solution. You may already be well aware of how active or quiet they are socially, but it’s still worth asking how connected and safe they feel in their community. Are they still comfortable walking, driving or taking public transport to enjoy life outside their home? Are there people nearby they can call on if they have an emergency or just need someone to talk to?
What can family do to make things easier at home?
Giving Mum and Dad the support they need to continue getting out and about is just one of the ways you can care for them as they age. It can be the case that a little extra help from family, or a few modifications like handrails in the bathroom, are all that’s needed to keep parents safe and happy in their home.
Have you looked at other options – retirement village or residential aged care?
If your parents are looking to downsize, spend less time looking after their home and more time with like-minded people, moving to a retirement village could work well for them. But when parents need a higher level of medical care, support or supervision, they may need to plan for transition into residential aged care. The earlier you can start this process, the better the outcomes are likely to be for your parent or parents, particularly if they’re anxious or fearful about making the move. Start research and planning sooner and you’re likely to have a wider range of options to choose from.
Wealth and wellbeing
No matter how strong your relationship is with family, things can get a bit fraught when it comes to finances. An honest conversation about your parent’s financial position is just as important as establishing what their wishes are.
“I have been with Capstone for over three years and have found them refreshing to deal with. They help you become the best version of your business. I can wholeheartedly commend Capstone to any planner.”
Bronson Financial Services
“At a time of industry upheaval, the support of Capstone has been a godsend. Everything they promised they delivered.If you are looking for a new licensee you cannot beat the Capstone service offering."
Canyon Financial Planning
“Capstone Financial Planning should be at the top of your list for a Licensee. Grant and his amazing team give a down to earth and personalised approach to supporting practices.”
“Capstone have some of the highest quality individuals in their team and it’s a pleasure to benefit from their insight and assistance. We really can’t recommend them enough to anyone considering a licensee.”
Strategic Retirement Solutions
“I recommend Capstone to any adviser seeking to 'go out on their own'. They are a fabulous licensee!”
Everalls Wealth Management
“With Capstone I can operate my business free from conflict. They have no in-house products, a flexible APL, and an extensive list of SMA solutions. I recommend Capstone highly.”
“I can highly recommend Capstone for planners seeking an independent licensee that’s not in your face but provide quality support services. Their service and support is second to none and has allowed us to concentrate on providing our clients with a premium level of service.”
“Having been with Capstone for a number of years, one thing that really stands out is their willingness to help and can do attitude. These are qualities we really appreciate.”
“The team at Capstone are all genuinely really good people. They are remarkable with their service culture. They really do care what you think, and they are genuine about our joint success into the longer term.”
Benchmark Financial Planning
“During times of change, it has been reassuring to be with a licensee that regularly engages with advisers and takes feedback seriously.”