Many among our new investors are concentrated mostly only on their personal present and future welfare. In the same way that most are very busy monitoring their portfolios or keeping themselves glued to the business news, save for the lifestyle or showbiz, many have also seem forgotten that they still have parents to take care of. Especially those whose parents were not able to plan their finances when they were younger.
Just as we are on the momentum of having our finances move on the right track, there will come a time that we will need to give special attention to our parents’ financial needs in the latter part of their lives.
A week to go before Mother’s Day and a month before Father’s Day, shouldn’t we start planning for their retirement years as our gift for them?
Talk With Them About Their Retirement
For most Filipinos, talking about money is a rather emotional and an often avoided topic. Taking an initiative on our part to talk with our parents about their future financial needs should be a welcome gesture for them.
Have you considered getting them a health insurance? What about their life insurance? Are they insured?
Have they considered getting a memorial plan this early? Have you thought about this lately?
Are You Included in Your Parents’ Beneficiary List?
Complete all information related to their insurance if they have it. Check it now if your name is there. Most of the time parents forget to update their account information in various institutions where their assets are kept and managed.
It doesn’t matter whether you want or need that money. The point is, should your parents die soon, it is best that the proper distribution of their wealth, however small it is, are properly documented and discussed among your siblings as early as now.
Sit down with your siblings and parents and give copies of these legal documents to each of them. Discuss with them about shared responsibilities now and in the future. Is the distribution okay with each one of the siblings? Better to settle it now that fight over it when your parents are gone. They will surely be truly happy seeing all their children loving each other. My opinion only.
Help Plan Your Parents’ Finances
Assess their spending habits now so you can plan for their future expenses. Their total money should be able to cover for the rest of their retirement years. Help them out in continuously saving today. Give them advise whenever you find them spending too much as planned within a specific period.
Perhaps they may want to try investing in short-term instruments to make their money grow and enjoy it even more later on.
If possible, get a help from a professional financial planner to help you and your parents manage their finances.
Think About Yourself Still
Despite mentioning from the start that we should think about our parents’ retirement, still it’s necessary to remember to keep on living our lives cheerfully. Treat yourself and take your parents with you on a simple dinner date this Mother’s Day and Father’s Day.
Continue to reward yourself from time to time without having to spend much.
Your parents are blessings not a burden so enjoy serving them. As you continue to honor them, more blessings will surely come to you.
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P.S. 1. The OFW UsapangPiso Forum will be presenting the web preview of iCON2013 The No Non-Sense Investments Conference on May 10, Friday, 8pm (Philippine time) featuring personal finance guru Randell Tiongson and Mr. Stock Smarts Marvin Germo. Join the OFW UsapangPiso Forum for updates of this event.