Tag Archives: pension

Financial Help for Elderly Parents

Retirement & Estate Planning, , , , , , ,

Last week we examined some of the considerations that adult children may have to face when dealing with parents who have financial difficulties. Assisting your parents with their money needs when they are unable to cope requires a lot of patience and diplomacy, as well as financial astuteness.

Even if your parents have been excellent stewards of money throughout their lifetime, as they get older, you may need to become more involved in helping them with their finances. Let’s look at some of the areas in which your elderly parents may require your support in their retirement years.

Budgeting for spending

At every stage of your financial life cycle, it’s important to know exactly how much money is required to pay all your bills. Budgeting helps you to be aware of your expected expenses and earnings; and this habit becomes even more critical for persons who are retired or have to live on fixed income sources. Continue reading Financial Help for Elderly Parents →

Reflections on Retirement

Retirement & Estate Planning, , , , , , , , , ,

Hundreds of readers have accepted this month’s money mission to focus on retirement, and this has confirmed to me that many people are very concerned about said aspect of financial planning. I’m sensing that some of you are becoming desperate about your present financial state of affairs and the bleak future that may be awaiting you.

Whatever your current financial position, I want to reassure you that it is possible for you to design a realistic plan of action that can help you to not only survive during your retirement years, but have a fulfilled life. However, pretending that you don’t have a looming problem is only going to ensure that your worst financial nightmare will become your retirement reality.

Let’s look at some important issues that you should consider in order to make proper preparations for this important time in life. Continue reading Reflections on Retirement →

Money Mission: Get Real About Retirement

Retirement & Estate Planning, , , , , ,

There’s an epidemic poised to take over Jamaica that has the potential to devastate the lives of hundreds of thousands of people, and yet there is very little discussion about it in our country. Our airwaves and newspapers are chock-full of opinions on the latest scandal, yet no time or space is being devoted to this looming disaster.

This tragedy will not present itself in the form of a weather calamity that wreaks havoc on our physical infrastructure, nor will it be a medical emergency involving an infectious disease. However, this coming catastrophe will have the potential to bring financial adversity and deprivation on a scale hitherto unseen in our nation.

My apologies on sounding like an angel of doom, but this impending crisis prompts me to be a little melodramatic in my pronouncements. Continue reading Money Mission: Get Real About Retirement →

Get Ready to Retire!

Retirement & Estate Planning, , , ,

“I’m going to retire after working for over 40 years and I’m feeling a little anxious about the future. The way how prices are rising now, I wonder if I’ll be able to survive on my pension. I don’t have any children and I worry what will happen to me if I run out of money.”

Retirement is a big lifestyle change that can bring some amount of anxiety about your financial future. To reduce your apprehension, you have to learn how to assess your spending needs and to calculate if your planned income will be enough to meet them.

If you’re approaching retirement, here are some key considerations that will help you to be fully financially prepared:

How much money will you need to spend each month?

It’s very important to know exactly how much money you’ll need to meet your expenses during retirement. Spend some time to create a realistic budget of your expected income and expenses. Writing these figures down will let you identify if you’ll have enough money to pay your bills, and it will help you to make decisions about how to distribute the money you have. Continue reading Get Ready to Retire! →

Your Retirement Years: will you be stressed out or stress-free?

Retirement & Estate Planning, , ,

“I will be 49 years old this year and I’ve always been self-employed. I currently operate a successful salon, but lately I’ve been getting a little tired of working all the time. The problem is that I’ve never really thought about retirement, so I don’t have much money saved up. Is it too late to start a retirement plan?

Perhaps the most discouraging experience for a financial advisor is to meet someone whose financial situation is so grave that you really can’t offer much assistance to fix it. Fortunately, those cases are rare. Unfortunately, when they do occur, they’re usually associated with persons in their retirement years.

Let’s look at three persons who have had negative retirement experiences; where it was just too late to make positive changes:

Sixty-seven year-old Clarence has been the caretaker for a residential complex for over thirty years. He is appreciated by all the occupants, as he is trustworthy and friendly. However Clarence is realizing that the effects of age have diminished his ability to carry out any of his very physical job functions, and he is worried what will happen in the future. Continue reading Your Retirement Years: will you be stressed out or stress-free? →

Managing Money in Retirement

Retirement & Estate Planning, , , ,

“After working for over 36 years in the civil service, I’m going to retire in a few months time. I feel a little confused about how to make sure my retirement money is properly invested. I’m also scared that my pension and savings won’t be enough for my needs. What can I do to feel more secure in retirement?”

In theory, retirement should be a time to relax and enjoy the fruits of your labour. In reality, many persons face retirement with fear, wondering if this change of life will bring better or worse.

One of the biggest sources of concern for retirees is the uncertainty about money- how will they survive without a steady paycheck?

Continue reading Managing Money in Retirement →