YOUR LIVING ARRANGEMENTS

If you’re still living in the house you raised your children in, you may want to downsize if it becomes too difficult – and expensive – to maintain.

You’ll need to think about what sort of accommodation you’d like, but you’ll also need to consider what you can afford. You also need to think about when you’re going to do it – the longer you put off moving to a smaller place, and the older you get, the more daunting a big move is likely to be.

These concerns are all things you should talk to your children about. Assumptions might have been made – on your side as well as theirs – about where you’ll live in your old age.

Financial pressure may bring things to a head. “Parents may request that they live with their adult children due to financial constraints, which can significantly affect their children’s lives and they’ll need time to plan and adapt,” says Cherise Erasmus of financial planning practice Crue Invest.

This needs to be discussed in conjunction with questions about long-term care (see below).