Helping your Parents with Retirement

By Nicholas Hall

Nothing is more important then family, and making sure that your parents are on the right page for retirement is very important to keeping you family in good shape. Some people just never really put any thought into saving for retirement when they were younger, and now your 50 year old mother might be in trouble. Children are obligated to take care of their parents as they get older in the same way that their parents took care of them as kids. So asking your parents about their retirement plan and financial situation is important.

In result of poor retirement financing the first question to ask is why. Did your parents never make enough money? Did they spend too much? Were there to many expenses throughout their lives? It is never to late to introduce your parents to a 401(k) or IRA accounts. Starting later is better then being left with nothing at all, plus you don’t want to be caught holding the ball for all their financial needs during the later years of their lives.

It is wise to exercise some sensitivity when you approach your parents about saving, but the sooner you can reach them the better. If your parents are willing to save, then starting now will give them more time to improve her retirement prospects. Remember that family is everything and making sure your parents will be living comfortably into old age is paramount to their happiness, they deserve it.

Sources:

http://money.cnn.com/2009/02/02/pf/expert/parents_retirement_help.moneymag/index.htm?postversion=2009020307

http://www.usatoday.com/money/perfi/eldercare/2007-06-28-elder-care-planning_N.htm

http://www.rediff.com/money/2007/jun/06retire.htm