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 … [Read More]