GMoney, I'm both ahead and behind of you. My parents aren't retired (yet), but it's coming and money is expected to be a problem.
Honestly, your goal is to ensure the minimums are met: adequate housing, nutrition, medical care, social interaction. If they are able to exceed minimums while remaining within their income, great! It's a luxury. There are plenty of seniors who live on social security and maybe a small pension, and they get by. They can't travel like they might prefer, or splurge on gifts for grandkids or whatever. But they're not suffering. That's the minimum goal. As long as you hit that goal, you're good.
Depending on income levels, check into SNAP (food stamps), Medicaid, housing assistance, utility assistance, I've even heard of cable for $10 or $20 for low income families. The local Area Agency on Aging may (or may not) have information. Local senior centers, libraries, or other institutions may have programs that can assist or provide socialization/activities. Helping figure out all this stuff out is often invaluable, because it's complicated. And all it costs you is some time.
My parents have a lifetime of sub-optimal financial decisions, plus plain bad luck. They simply don't have a lot of assets, and their budgeting isn't so great either. But that's not actually my problem to fix. I care that they are warm and fed and can see the doctor and get their meds. I will do my best to help them achieve that, without jeopardizing my future.