Questions to Ask Your Parents About their Retirement Plan
The hardest part about growing up is watching your parents grow old. No matter how hard you want to stop them from the vicious cycle of ageing, you cannot do anything about it. You can make sure they live their lives as they had always envisioned they would after they retire. As your parents grow old, you will get more involved in their affairs. And it is all to make sure your parents are happy and making the right decisions. Whether they are retiring early, late or on time, asking the right questions can give you much information. It will help you get the details about your parent’s plans. Let’s find out the right questions you can ask your parents about their retirement plan.
The opportunity to hear about your parent’s life post-retirement before they take that step must be a great conversation. If you want to make sure that your parents live a carefree and happy life after they retire, then you must ask the best questions to get as much detail about it from your parents as you can. Young adults are well educated about finances and know where their parent’s money stand in the market. Hence, educating the parents about investing more in something and getting even better results. The few examples of questions that you can ask your parents about their retirement plans are as follows:
At your current rate of spending, how long will your money from your retirement plan or total savings last?
The current market rates are increasing at speed no one expected. Thus, if your parents are saving based on today’s market, then they won’t be able to sustain like that. When the plan matures, saving money as per the market is the key to a financially secure future.
Do you have a source of income after your retirement?
Asking this question will help you understand whether your parents are investing in a trustworthy and established plan. Due to various scams and other fraudulent schemes in the market, having information about the retirement plan provider of your parents is a must.
Do you have extra funds that will help you in emergencies after retirement?
Having some extra money on the side for emergencies will not hurt anyone. It will only be helpful when you need some additional funds to pay your medical bills or any other unforeseen emergencies. This way, they will have some extra funds that they can use when they are out of funds and need some extra monetary help.
Do you have any debt?
Having debt when you or anybody is planning to retire is not a good idea. Make sure you know whether or not your parents have any existing debt that they need to repay. If necessary, then set up a plan of action for your parents to repay the money slowly every month so that your parents can have a relaxed retirement.