Plan your parent’s retirement

Someone has truly said that the only unconditional love that exists in this world is parents’ love. Right from our childhood, they invest in us and ensure that we don’t lack in anything that may be required in order to help us grow. However, with time, as we grow older, there comes a stage when a shift of responsibility needs to take place. Usually, after our parents retire, they have pensions or other retirement assets available for a certain period of time. This should be the ideal time to start supplementing their needs. However, as most of us understand, it is easier said than done.

If your parents have done their retirement planning in advance, then they should have a monthly income for at least the next 10 years to support them. Depending on the retirement policy, there may or may not be a lump sum amount that they receive, as soon as the retirement stage strikes. In order to simplify things, it is best if you have an open discussion with your parents about this. Ask your parents about what their plans are, and how do they wish to spend the years post retirement. Also put forward your own constraints and the possibility of support you may be able to offer them.

As this is an emotional relationship, your parents may be a bit reluctant initially about their own needs. In such situations, it is best if you have set your own financial plans right. Only in that case you can precisely put forth the financial offer that you can make exclusively for them. When parents see the fact that you are yourself financially sorted, then they may be more forthcoming in voicing their own needs.

Another support that you can offer them in their retirement planning is regarding the management of their assets. Your parents may have very little money, or too much money on themselves in the post retirement age. In either of the cases, and everything in between, helping them make the best investments with that money will impart a sense of confidence in them. MaxLife India has plenty of health plans, insurance plans, etc. available for senior citizens which you can avail in order to come up with the best plan to suit their needs.