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Tuesday, May 22, 2012

Planning your parents' retirement

Most people I know think that they won't be impacted financially by their parents as the parents get older. In fact, if I raise this topic I usually get an answer along the lines that the parents don't have much, so the kids aren't expecting an inheritance when the parents pass away.

Okay, so there won't be any funds flowing from your parents to you, but will there be funds flowing from you to them?

As you plan for your own retirement, have you thought about whether you'll need to support or partially support your aging parents? If they "don't have much", chances are good that the cost of long-term care or even hanging onto their home might be more than they can handle financially.

There is a really good article about this by Ted Rechtshaffen in the Financial Post. Click here to read it. Along with discussing how it might impact you, Mr. Rechtshaffen also suggests some solutions.

Attached photo by Vincent Kessler/Reuters.

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