Retirement is often a huge step for any individual. It is a time to let go of the reigns of a career and move into the final stage of life. Most of us don’t or choose not to think about this stage for our parents, but there comes an inevitable time when one’s parents are looking to retire and may need assistance with managing the logistics of this or even physical help with things. This can be a tricky time for everyone, so here are some useful, practical tips for helping your parents with retirement.
Firstly, it is important to be honest during this time. This not only means being honest with both parties’ time and finances, including the money saved up for retirement, but also with the responsibilities each have during the retirement process. If possible, this responsibility can be shared among siblings, but sometimes the burden falls on only one child. This can make things difficult for that individual, but keeping the channels of communication open help ease any built up stress or resentment. This is particularly true post-retirement where the parents may continue to require assistance.
Whoever is working on the retirement process, remember too that no family has to go at it alone. In fact, it is almost always a good idea to bring in a professional to assist with the finer details of retirement. This, of course, should include a financial advisor or consultant who is experienced with dealing with retirement, but it could also include an attorney. This is particularly true if there are any legal complications with retirement or with obtaining a pension or Social Security benefits. In those instances, it is always a good idea to at least meet with a lawyer to consult about options and what is best moving forward.
We at the Franco Law Firm are also always available to assist with any retirement needs or Social Security complications. Whether it is for your parents or yourself, our expert team is at the ready to walk with you every step of the way. To learn more and to schedule a free consultation with us, please call (813) 872-0929.