Her playbook means a check is off the table, but she says they can still help in other ways.<\/p>\n
1. Audit the budget<\/p>\n
Knowing where your money is going<\/a> is the first step toward keeping more of it. Your kids grew up navigating subscription services, streaming bundles, and telecom loyalty traps \u2014 and they know exactly how to unwind them.<\/p>\n Have them sit down with your monthly statements and identify what can be cut, renegotiated, or replaced. A few phone calls to your internet or cellular provider can quietly put hundreds of dollars back in your pocket each year.<\/p>\n 2. Calculate catch-up contributions<\/p>\n If you are over 50, the IRS allows catch-up contributions<\/a> to your 401(k) and IRA on top of the standard annual limits. The rules shift periodically, and the math requires attention to detail.<\/p>\n If your child is serious about your retirement security, this is a concrete place to focus that energy \u2014 figuring out exactly how much you can legally set aside this year and making sure you are not leaving any of it on the table.<\/p>\n 3. Navigate assistance programs<\/p>\n Federal and local programs exist specifically to offset living costs for older adults \u2014 utility relief, food assistance, property tax exemptions \u2014 but finding and applying for them is genuinely time-consuming. The application portals are not always intuitive.<\/p>\n This is exactly the kind of task that benefits from someone who is comfortable navigating digital bureaucracy quickly. Let them research what you qualify for and handle the paperwork.<\/p>\n 4. Screen for fraud<\/p>\n Financial scams targeting older adults have grown significantly more sophisticated. Spoofed caller IDs, fake bank alerts, and convincing phishing messages are now routine.<\/p>\n Your kids are immersed in this landscape and tend to recognize the patterns faster. If they flag something as suspicious, take it seriously \u2014 the financial damage from a single successful scam can be severe and is rarely fully recoverable.<\/p>\n 5. Manage the downsizing process<\/p>\n Moving to a smaller or less expensive home is physically demanding and logistically complex. If downsizing makes financial sense for you, your kids can contribute real labor \u2014 packing, hauling, coordinating \u2014 as well as handling the sale of furniture and belongings through online marketplaces where they can realistically get better prices than an estate sale would yield.<\/p>\n 6. Explore a family mortgage<\/p>\n If you are navigating a difficult housing market, the Family Opportunity Mortgage is worth understanding. This Fannie Mae guideline allows adult children to purchase a home for a parent using the interest rates and down payment requirements \u2014 as low as 5% \u2014 typically reserved for primary residences.<\/p>\n The arrangement means you pay rent to your child rather than a landlord, they build equity, and you have stable housing. It requires financial and legal coordination but can work well for families where the numbers make sense.<\/p>\n If a family mortgage is not an option, a reverse mortgage<\/a> allows homeowners aged 62 and older to release equity from their property without monthly repayments. The loan is repaid when the home is sold. It is worth exploring if you have significant equity tied up in your home and need to free up cash without relying on anyone else.<\/p>\n 7. Create a paid arrangement<\/p>\n If your kids need services you can provide \u2014 childcare, pet care, household repairs, cooking \u2014 there is no reason that labor should go uncompensated. Paying market rate for your time is straightforward, keeps the arrangement professional, and lets value flow in both directions without the emotional weight of financial assistance.<\/p>\n If you don\u2019t want to work for or take money from your children, consider a part-time or work-from-home<\/a> job. FlexJobs<\/a> lets you browse and apply to verified jobs around the corner and around the world.<\/p>\n Learn to fish<\/p>\n The modern economy is difficult for both generations simultaneously \u2014 that is the actual tension underneath Tu\u2019s advice. They are trying to build financial stability in a housing market and economy that has made that harder than it was for previous generations. A cash injection might feel like the obvious solution, but addressing the root cause tends to serve everyone better in the long run.<\/p>\n","protected":false},"excerpt":{"rendered":"You paid for their braces, funded their college degrees, and co-signed their first car loans. 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