Tips for Helping Your Parents Plan for Retirement |
Tips for Helping Your Parents Plan for Retirement
Are you concerned with your parents and their future? If you are, you should talk to your parents about their retirement plans. In fact, the sooner, the better. Doing so can give you, as a loved one, comfort and peace of mind. You should start discussing retirement with your parents when they reach the age of fifty; however, you can start the conversation sooner if you wish.
When talking to your parents about retirement, determine what their retirement wants and needs are. Where do they want to live? What type of property or establishment do they want to live in? What activities or hobbies would they like to enjoy? It is important to know how your parents want to live in their retirement years, as it will have an impact on how much they need to save.
Next, it is important to determine how much your parents currently have saved for retirement. Is it enough? Do they even know? If you are concerned with asking your parents, take the above mentioned approach first. Asking your parents about their retirement goals can ease you into the conversation about costs and savings. Asking your parents outright how much money they have saved for retirement may cause tensions to erupt.
When discussing their retirement with your parents, make sure your parents know that they cannot live on just their social security benefits. You may be surprised how many retirees plan to do so. Once again, be sure to take a cautious approach. You want to lookout for the best interests of your parents, but don't treat them like a child who knows nothing on the subject. Returning back to social security benefits, tell your parents you read online that most retirees only receive about 40% of their living expenses through social security benefits.
In keeping with social security benefits, you should encourage your parents to request a statement of their benefits. This is easy to do online or over-the-phone. This statement can give them an estimate of how much they will receive in social security benefits. This is a good wakeup call for those who believe social security will cover their retirement expenses. Be sure to remind your parents that their statement is just an estimated total.
You will also want to examine your parent's profession. This is important, as the economy is having a negative impact on many businesses. Some older workers are finding themselves forced into early retirement. Is your father or mother in the auto industry or another industry that is taking a hit? If so, there is a chance they could be forced to retire early, if it hasn't already happened. In the event of forced, early retirement, do your parents have a plan?
Also, discuss healthcare with your family. If your parents were to move into a retirement community examine the costs. Then, examine the costs of long-term care. When your parents live together, they are able to save money, but what happens when one gets sick? Can your parents afford two separate living arrangements? Make sure the cost of long-term care is realistically entered into their retirement plan.
Speaking to your parents about retirement is a step in the right direction, but they can still benefit from professional help. If you feel that your parents are unprepared for retirement, offer to schedule and pay for a meeting with a financial advisor.
PPPPP
Word Count 564
|
Forced Into Retirement? What You Should Do Did you love your job? If so, you may have been happy with ... read more
How to Find Retirement Communities Are you planning for your retirement? If you are expected to retire within the next ... read more
How to Meet New People After Retiring Are you getting ready to retire? If you are, you are not alone. ... read more
How to Plan for Your Retirement Are you ready to start planning for your retirement? Whether you are 30 years ... read more
How to Save for Retirement on a Limited Budget Are you living day-to-day or from paycheck-to-paycheck? If you are, you ... read more
How to Save Money After You Retire When it comes to saving for retirement, much focused is placed on saving ... read more
Are you getting ready to start preparing for your retirement years? Whether you are 30 years old or 50 years ... read more
Professional Retirement Help: Where Can You Turn Are you in the process of planning for your retirement? If you are ... read more
Retirement Checklist: Are You Prepared? Are you looking to retire within the next two to three years? If so, it ... read more
Retirement Planning: 5 Reasons You Should Meet a Financial Advisor Are you planning and preparing for your retirement? If you ... read more
Retirement Planning Mistakes You Need to Avoid Making Are you ready to start planning and preparing for your retirement? If ... read more
Retiring: Should You Rent or Own a Home? Are you in the process of planning for your retirement? Of course, ... read more
Saving for Retirement at 20 Are you around twenty years of age? If you are, retirement may be the last ... read more
Saving for Retirement at 30 Are you in your thirties? If you are, retirement may be something that you occasionally ... read more
Saving for Retirement at 40 Are you in your forties? If you are, retirement may be something that you occasionally ... read more
Saving for Retirement at 50 Are you fifty years of age? If so, are you prepared for retirement? For many, ... read more
Saving for Retirement at 60 Are you sixty years old? If you are, you may be preparing for retirement. As ... read more
Saving for Retirement When Running a Small Business Are you a small business owner? If so, are you ready for ... read more
Saving for Retirement When Working from Home Are you self-employed? If you are or even if you are a home ... read more
Saving for Retirement: Why Flexibility is Important Are you ready to start preparing for your future, in terms of retirement? ... read more
The Best Ways to Save for Retirement Are you looking for information on the best ways to save for retirement? ... read more
Tips for Choosing a Retirement Community Are you preparing for your retirement? Once you have determined that your finances are ... read more
Tips for Helping Your Parents Plan for Retirement Are you concerned with your parents and their future? If you are, ... read more
Tips for Saving for Retirement Are you concerned with retirement? If you aren't, you should be. Of course, retirement is ... read more
Why Saving For Retirement Is Important Whether you are 20, 30, 40, 50, or 60 years of age, are you ... read more
|
|
|
Disclaimer:
The Publisher has strived to be as accurate and complete as possible in
the creation of this website, notwithstanding the fact that he does not
warrant or represent at any time that the contents within are accurate
due to the rapidly changing nature of the Internet.
This site
is a common sense guide to Tips for Helping Your Parents Plan for Retirement. In practical advice websites,
like anything else in life, there are no guarantees of income made.
Readers are cautioned to reply on their own judgment about their
individual circumstances to act accordingly.
This site
is not intended for use as a source of legal, business, accounting or
financial advice. All readers are advised to seek services of competent
professionals in legal, business, accounting, and finance field.
Any
perceived slights of specific people or organizations are unintentional.
|