You might stop working as you get older, but you can still spend a lot of time thinking about finances. As well as thinking about supporting yourself, you might consider whether you can still afford to help your family financially too. Even if you’re no longer working, a lifelong career could have put you in a position where you’re happy to help out your adult children or other relatives. You might not have a huge number of assets, but you can still have a desire to support your family in any way you’re able. So what can you do to provide them with financial support or make things easier for them?

Smart Retirement Planning

The story often goes that parents support their children as they establish themselves as adults, then receive support from their children in their later years. There’s a chance you might need some financial help from your children at some point, but planning for your retirement can help you remain more self-reliant. You can take steps such as investing in a pension or other investment vehicles that allow you to ensure you have the financial means to support yourself after you stop working. This can help to reduce any financial burden that could fall on your family.

Gifting Money

Some people decide that they want to give money to their family when they’re older. You might have saved some money specifically for this purpose. Or maybe there’s a specific reason you want to help someone out, such as helping them buy their first home or start a business. It could just be that you’re thinking about what will happen to your assets when you’re gone, and you want to see someone else gain joy from what you have. If you want to give someone money, make sure you’re aware of any rules surrounding gifts and inheritance tax.

Pay for Your Funeral

When you’re gone, one of the expenses your family may be faced with is paying for a funeral or memorial service. The cost for this can come out of your estate, but the money might not be accessible right away. Another option is to choose your funeral directors and pre-plan your funeral. As well as being able to pay for your funeral in advance, you can also choose what you want it to look like. It can help to remove the stress of both the financial burden and planning, which can be difficult to do while coping with the loss of a loved one.

Be Smart with Estate Planning

Another way to help out your family after your death is to be clever with your estate planning. It will be much easier for them if you have a will and have considered using certain financial products to organize your money and other assets. Think about where you want your assets to go and whether it makes sense to use trusts or similar to set the parameters.

Helping out your family can give you a sense of pride and fulfillment, knowing you’re helping them improve their lives with your support.