Elderly Independent Living – How to not burden your children as you age

It’s true. We all have that umbilical like connection with our children. You do everything in your capacity to ensure that they can stand up on their own two feet and excel in everything that they do. You watch them as they climb that metaphorical ladder. And as time goes by, you pause to think, am I going to be the one to pull them down. Will I be a burden on my children when I grow old? Yes, we shudder at the thought of aging and banking on our kids for our daily needs. But don’t fret. There are many ways to put your fears to rest and start focusing on elderly independent living.

maintain independence elderly
Source: DailyCaring

It starts with something as simple as ‘saving for your old age’. Yes, it’s time to wake up and smell the coffee. Time is ticking, and it’s ticking fast. So, make the most of your time now and gear up for a time when you will no longer can support yourself. It’s a sure-fire way to ensure that you do not become a burden on your precious children. A recent survey showed that 37% of skilled workers over the age of 55 saved less than $25,000 for their retirement years. That is grim to say the least. Start investing in the right place. Think about your medical expenses.

Here is a good read on How to Not be a Financial Burden on Your Kids

independence for seniors
Source: Senior Solutions Management Group

Statistics show that a couple who retires at the age of 65 will spend a minimum of 250,000 on medical expenses alone. Start downsizing gradually. It could be tough at the beginning, but you don’t have to make drastic changes. Perhaps moving in to a two-bedroom house instead of a five-bedroom house would allow you to save more and spend less on maintaining the house. Think about what you spend on every day and work out a way to minimize your current expenses, so you can live your retirement years in comfort if not luxury.

Here is another great article on this topic: How to not to be a burden on your kids in old age.

saving for retirement
Source: Anytime Airport Shuttle


Approach a wealth adviser and take guidance from the experts. Time changes everything. Not everyone is relying on the fact that they will be taken care of by their children when they get old. Part of this changing perspective comes from what one might call the triple decker sandwich. We have seen many instances where baby boomers are caring for their parents while also looking out for their adult children who have kids of their own. And while it is OK for you to depend on your children for some of your needs, it would be unmindful to become an impediment in their growth.

Secure yourself by investing in long term care insurances. Make hay while the sun shines. You want to spend the last years of your life creating happy memories with your children and extended family, not surrounded by conflict and emotional turmoil.

how to plan for retirement
Source: Abberly Square

Yes, it’s true that you as a parent, sacrificed most everything to give your children the best there is, but does that mean, that they must return the favor. Well, one might call that ‘quid pro quo’ and it is OK to let your children look after you, but it is not OK to expect them to give up everything they worked for just to put you at ease. Every man for himself. And at the end of the day it is indeed ‘survival of the fittest’.

So, without the intention of making myself sound dismal, just know that the future is what you want it to be. For professional help on how to start planning retirement and independent living, book  a consultation with our experts here at Flagship Financial

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