Tag Archives: senior citizen

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 →

Making Ends Meet in Retirement

Retirement & Estate Planning, , , ,

“I retired from teaching five years ago and I’m finding it very hard to make ends meet. I have a fixed pension and it seems that every month my expenses increase. Do you have any advice on how to make my retirement money stretch more?”

These are financially challenging times for all consumers, especially retired persons. We’re constantly searching for creative ways to spend less, but sometimes it seems that the cost of living demands more of our hard-earned dollars every day.

For retirees on fixed pensions, it can be frightening to see your nest eggs dwindling. Many additional health concerns may also be brought on by the stress of wondering if you’ll outlive your money. Continue reading Making Ends Meet in Retirement →

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 →