Preparing for your parents’ retirement

Category: Retirement

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As your parents approach their retirement years, it’s only natural to worry about their financial futures. The following tips can help you prepare for your parents’ retirement.

Suggest expert help, if necessary

Depending on your parents’ financial situation and their retirement plans, they might need expert financial help if they don’t have it already. Offer to help them find a financial advisor who can help them prepare for retirement.

Review beneficiary information

It’s often a topic that some families like to avoid, but it’s important that it is addressed. Ensure that your parents have these important documents in order, and that you (or someone close to the family) have copies. Ideally, beneficiary information should be reviewed on an annual basis and with an attorney. Ask your parents if you’re their beneficiary, and if so, make sure you have all the information you need.

Make sure you have access to their information

Ensure that you have crucial information easily accessible, such as phone numbers of important contacts (such as an attorney and/or financial planner), account information, and any other legal documents that your parents are willing to share with you. If they are uncomfortable with sharing some of this information, make sure you have the contact information for someone who already does have it, such as their attorney.

Don’t forget about your own finances

Although it’s nice to help your parents prepare for their retirement, don’t lose sight of your own finances and your own retirement planning, even if it is still a long time away.

Preparing for a loved one’s retirement can be stressful, but it doesn’t have to be. If you’re receiving long-term annuity payments, contact us today to find out how you can receive lump sum annuity payouts. At Peachtree Financial Solutions, we have been providing customers nationwide with annuity payouts since 1996, and they have used their lump sum payments for an array of purposes. Why keep all of your money tied up in a long-term payment stream? With the annuity funding services offered by Peachtree, you don’t have to. Contact us now to find out more about selling structured settlement payments and for your free quote.

Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.

Tags: estate planning, Retirement Planning, saving

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