Our parents have ensured we get the best of everything all through our lives. The sacrifices they make, working hard day in and day out, showering us with luxuries no matter what – the list is really endless. Once they have reached the age for retirement it is our duty to see to it that they enjoy the following years in peace and happiness. To ensure this, there is a list of things to be taken care of. The first step would be to have an open conversation with your parents regarding this. However reluctant you or they might be to have this discussion, do not delay it any further. Ultimately you will need to have a conversation before a crisis occurs. These topics are vital and you can have them in multiple phases. Ensure that you speak about positive and fun things as well. Celebrations and accomplishments are a part of anyone’s life and we all need to celebrate that as well.
Some people choose to retire around their 50s, others not until they turn 60, and some go on to work well into their 70s. Check when your parents intend on retiring and also whether they have thought about the future years ahead, be it financially or otherwise. Do they plan to travel or work for a social cause? Do they choose to relax in a holiday home? A few might even think about starting something of their own, now that they have all the time to spend. Check all the details and see how you can assist them with this.
Check if they have enough money to meet any future expenses. Ensure they are debt-free so that they don’t have to run around repaying debts once they retire. The point is to remove any risks or uncomfortable situations in the future. You can offer to help. Work out a plan for them that is feasible both for you and your parents.
Illness and accidents may occur at any age. They are unpredictable, but they can be dealt with by investing in a long-term insurance plan. Does your health insurance policy cover your parents as well? Do they have insurance coverage now? Is there anything else that needs to be added? After getting the answers to these questions you could also seek some advice from a financial adviser.
Ask your parents about their expenses and see if their existing investments meet them. Help them plan out their investments and see if they need help in reinvesting as well.
Enquire if they have any loans, be it home loans or any other loans, that they have to repay. Check the amount and the time required for it. In case there are any, it’s best to pay them off before they retire. Help them in this process and offer to pay it off at the earliest.
We want only the best for our parents. Make them realise this before anything you do. Your parents require and deserve your support and affection.