Financial Choices, Are your parents in financial good shape for retirement?

Financial Choices, Are your parents in financial good shape for retirement?

Continuing with our series of must-have conversations with your parents, today we are going to touch on the Financial Choices.

Your parents have always been very independent and private about handling their finances. Lately you’ve seen that they’ve been cutting back on food and other necessary products.
You’re concerned that their staples are in short supply.

According to Sun Life Financial’s Canadian Unretirement Index Survey (2013)**, 59% of Canadians have less than a quarter of the money saved that they believe they will need to live comfortably for 20 years of retirement. The survey states on average Canadians anticipate needing $46,000 in annual retirement income, or $920,000 for 20 years. Thirty eight percent say they will have less than $100,000. Planning ahead for your future will not only give you a better chance at having the lifestyle you’d like as you age, but will help you anticipate health care and long-term care expenses. Even if you are already in retirement, there are things you could do to help maximize your income. Taking the time to speak with a trusted and credible financial planner could help. Use this chapter to begin the talk and develop a plan that allows you to take an active role in your financial future.

14% of adult children surveyed say their parents may need financial help from them in the future, while only about 10% of parents surveyed believe they will need such help.*

How do you broach this subject?, remember, the Home Instead 40/70 rule recommends beginning these conversations when you are approaching 40 and your parents are around 70.

If you have any question please call us at Home Instead Hamilton at 905-521-5500 or send an email to jgrant@homeinstead.com and we will happy to assist you.

Sources:

* Home Instead, Inc., franchisor of the Home Instead Senior Care® network, completed 400 telephone interviews with seniors age 65 and older and 400 interviews with adult children of parents age 65 and older in Canada.

** http://cdn.sunlife.com/static/canada/sunlifeca/About%20us/Canadian%20Unretirement%20Index/2013_Sun_Life_Canadian_Unretirement_Index_Report

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