Your parents probably wouldn't want to spend their retirement in front of a TV waiting for you to call. But that’s the reality for most who don’t plan ahead.
They need to have retirement goals, whether it’s a second career, volunteering, or traveling the world.
This article is about how to practically invest in your parents to help them prepare to live the latter part of their days with passion and purpose.
But I’m not talking about financial investment.
I’m talking about the time and effort you can invest in your parents to help them figure out what they want to do -- and can do -- in their mid-60s and beyond.
Here’s 4 easy action items you can do with your parents today:
1. Write Down The Fun Activities.
Start with 5 things your parents really want to do for fun when they retire. Don’t tell them to list impossible bucket-list-type activities. Be realistic.
Your parents should have a few activities they have always wanted to do, but never had a chance to do because they sacrificed their time for you or their career.
Here’s some examples:
1. Start a new hobby such as painting or photography.
2. Learn to play an instrument.
3. Join a sports club to stay in shape.
4. Go on two cruises a year.
5. Go back to school or take a course on a subject of interest.
After you list the activities on paper, write down how much those things will cost. Your parents should learn how much they need to budget and save to do those activities.
It’s important that they have a list of fun things they want to do when they retire -- and prepare to save and invest enough to pay for them in the future.
List these activities under the section, ““My Top 5 FUN Activities To Do During Retirement.”
2. Write Down Activities That Require Skills.
You’ll notice my spreadsheet also contains a section called “My Top 5 PRODUCTIVE Activities To Do During Retirement.”
If your parents want to give back to their communities or continue to be productive during retirement, they should jot down the specifics.
1. Get a part-time job doing something they love.
2. Mentor young students or professionals.
3. Write a novel.
4. Teach a class online or at a local school.
5. Run a non-profit.
Your parents will need to either refine their skills or learn new ones to continue working in some capacity. In my spreadsheet, they can list those required skills and identify what they need to do now or later to learn them.
3. Start Doing.
Chances are, your parents have the time and energy right now to start doing the things they listed.
Some of these activities might be traveling to a new country or learning to paint. In a world filled with so many amazing things to do, why wait? Life’s short.
4. Repeat Steps 1, 2, and 3.
Imagine if your parents are able to do every single thing on their list before they retire, and come up with even more things to do during retirement.
We spend most of our lives doing things we really don’t want to do. For some people, writing down the things they would enjoy doing is exactly what they need to motivate them.
Why Should You Do This?
If you haven’t already figured it out, you’re a big piece of your parents’ future. One of the best gifts you can give them is to help them plan ahead. Failing to plan is planning to fail.
Your parents have a lot to offer to themselves and their communities after they retire. Don’t let them waste their golden years.
Contact Amity Law Group's experienced attorneys at (626) 307-2800 to start planning for your family's future.