At times, you might be having a family member, especially parents or older relatives who are nearing their retirement period. To some, it comes without them having a clue on what to do or plan their retirement benefits. At the same time, others are trained and always know what to do. There are simple things you can do to prepare your parents as they transit to retirement. In this article, we will highlight five of the best ways.
1. Help them secure a home
Referring to a home does not mean staying in town or anywhere else, but a permanent retirement home. Helping your retiring family members have a home is one of the best things you can do for them. Since they have retirement benefits, guide them to find their best retirement homes, which might be closer to you or any essential need like roads, hospitals, and recreational facilities. Allow them to have places where they can live their private lives and easy reach in case of any eventuality. If possible, get a family house in which you can house them together with you.
You can also hire someone who will be taking care of them just in case they are in the countryside. One last thing, ensure the home you have secured is permanent. The reason is to avoid movement or change of environment. It is advisable to buy a house instead of renting one.
2. Take them to a financial planner
When one retires, they get a lot of funds and other retirement benefits. Most of them do not know how to plan their use and end up wasting part of it or being scammed. Since there will be no other income, you need to find an expert who will guide them in planning their finances. Experts from https://simplifiedsenior.com/ always insist that you take them to a financial planner who will make them have simplified insurance products that will help them live a successful life after retirement. They should offer the best advice on debts, savings, insurance, and medical schemes.
Ensure that these planners are not money-hungry. Some charge commissions or fees on their services. Check on their rates to avoid much of this income going into commissions. Also, avoid the ones who will recommend certain services from one supplier as they might be having or earning interests, which makes their services higher as compared to others.
Review their beneficiary information
Do not just sit and wait until their retirement day comes. Check on their statements and review their beneficiary information. If it’s your parents, ensure to check on who they have listed as their beneficiaries. If not yet, ask them to do so. You can also guide them keenly on whom and what to register on their beneficiary list to avoid future confrontations.
For parents, ensure they have included all their children in their beneficiary list and help them come up with an excellent package for everyone. You can also add their lawyers and other decision-makers when making these crucial decisions.
Alert them on scammers
Old and people heading to retirement age get faced with scam and fraud activities. Ensure that does not happen to your retiring family members. There is a vast growing list of scammers who might be targeting your retiring parents or other family members due to their old age and slow mental capacity. Some of these include; fake investors, anti-aging products, counterfeit drugs, internet scammers, health insurance fraudsters, telemarketers scammers, and the list is endless.
Be a fresh eye to them to avoid having their bank accounts emptied. One way of doing this is to check the validity of ongoing projects, call records, and any agreements made. You can also check their bank statements and verify their online purchases. In the case of major transactions, help them in making purchases and other concrete financial decisions.
Avoid them exhausting their resources and benefits
Do not let your parents or any family member use their resources to the last bit. If its investments and purchases, ensure they remain with a reserve, enough to carry them on with their daily lives. Failure to that, they will get into debts, or you will be given the mandate of supporting them. In case the retirements aren’t massive enough, find them simple amenities and let them save some cash for their future use. Check their statements and guide them on what is essential.
Helping your family members, including parents, maybe one of the best things you will be doing to their lives. This reason is that when they suffer, you will also suffer, and it may mean going into your pockets to cater to their financial needs. The best five tips highlighted above, if used carefully, will guide them into having a secure, more comfortable retirement life.
