Google+ Authentic Parenting: Helping Your Parents Plan for Retirement

Friday, July 19, 2013

Helping Your Parents Plan for Retirement

Content provided by Kira

Helping your parents plan for retirement Planning for your later years can be daunting - there is so
much to think about and organise. However, the process can be made a whole lot less intimidating with a little support from close family members. If your parents are approaching retirement, there are a number of things you can do to make them more comfortable and give them peace of mind. Take a look at these top three points to consider when helping your parents plan their future.

Check out savings and pensions 

It's important for your parents to know exactly how much money they have saved away for their retirement. Whether they have been investing into a pension fund or stashing cash under their mattress - now is a good time to get a complete overview of their finances.

Annuity rates have been on the decline for many years, so your parent might not be able to get the great pension they'd hoped for. Don't be afraid to turn down the first annuity offer and scour the market for something better. There are a number of options available when it comes to pensions, including drawdown or an enhanced annuity.

If their pension has been underperforming or they simply haven't managed to save enough money - but they own their own home - you could always discuss the benefits of equity release.

Discuss retirement properties

You might hear your parents joke about putting them in a nursing home, but you can allay their fears by showing them some alternative accommodation, such as retirement apartments.

It is possible to achieve independent living whilst still being safe in the knowledge that your parents are not alone. Assisted living allows retirees to enjoy their later years without having to worry about household chores and general maintenance.

Your parents can still own their own property but benefit from additional support such as help looking after pets or getting in and out of bed. For more information on the living styles available throughout retirement, visit www.mccarthyandstone.co.uk.

Seek professional advice

Retirement involves a lot of major financial decisions, so don't be afraid to suggest contacting an independent financial advisor. If you and your parents aren't sure about what's best, getting some unbiased advice from a financial expert can do no harm at all. In fact, obtaining independent advice can arm you and your parents with the knowledge you both need to make the right decisions and plan for their future together.

image source: Ernst Moeksis


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2 comments:

  1. I need to copy for my sons so they'll know what to do for us!

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  2. Really, your write up and retirement plan is very handy for my father. I am sure the article will be very essential for me as well. I must follow the discussion which is very essential for me as well. I must follow the content to me as well. Thanks!!!
    Imran Tunni

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