If you’re lucky, your parents are heading into retirement with solid savings and a clear plan for the years ahead. But that’s not the case for everyone. If you have aging parents, you might be wondering whether they’ve saved enough or if they’ve really thought through what retirement will look like.

The reality is that many people 65 and older don’t have much to fall back on. In fact, a large number of retirees rely on Social Security for most - if not almost all - of their income, which can make retirement a lot more stressful than anyone hopes for.

Let’s look closer at a few ways you can help your parents plan for retirement as they look to the future.

It can feel awkward to start a conversation about money if you never had it before. But it’s important to start and right now as they get close to retirement - is the time to bring it up. It would be better to do this a few years before they are set to retire. Schedule a time to talk to your parents face to face.

The first step is to get a clear picture of what you’re dealing with. For example you can review investments. Your parents should make sure their portfolios aren’t taking on unnecessary risk at a stage when preserving wealth and generating reliable returns matter most. A financial professional can help assess their current investments and make adjustments to better align with their goals.

Delaying retirement or transitioning gradually through part-time or phased retirement can provide additional income and flexibility. If needed, a second job may help bridge gaps. They should also consider postponing Social Security benefits, since waiting longer can significantly increase monthly payouts.

Even if your parents didn't get started saving as early as they would have liked or at all - it's never too late to start building up a financial cushion.

Helping your parents find small changes now can have a big impact on their future. It's also a good idea to research government programs that could provide assistance to your parents now and down the road.

You might be surprised to learn they're eligible for more programs than you expected. Start with the National Council on Aging's Benefits CheckUp website to learn about local programs that help seniors pay for health care, food, housing, and other expenses.

Also, you can try to find areas where you can reduce expenses like subscriptions to streaming services, cable TV, magazines, and other services, or limiting expensive recreation like vacations and eating out. While these reductions likely won't make a huge difference in your parents' finances, they can help free up money in the short term and slowly grow their savings over time. You can mention to parents all these topics.

Even if your parents are in great shape right now, getting older usually means dealing with more health hiccups - things like illness, falls, or unexpected injuries. Having access to good medical care that’s easy to get to and affordable will matter more and more over time. When doctors, hospitals, and other healthcare professionals are close by, your parents can focus on enjoying retirement instead of stressing about “what if” situations.