Comments on: Discussing Retirement with the Folks http://www.thickenmywallet.com/blog/wp/2007/11/14/discussing-retirement-with-the-folks/ Everything to do with thickening your wallet Wed, 01 Feb 2012 15:44:00 +0000 hourly 1 http://wordpress.org/?v=3.3 By: Riscario Insider http://www.thickenmywallet.com/blog/wp/2007/11/14/discussing-retirement-with-the-folks/comment-page-1/#comment-2764 Riscario Insider Mon, 19 Nov 2007 07:02:56 +0000 http://www.thickenmywallet.com/blog/wp/2007/11/14/discussing-retirement-with-the-folks/#comment-2764 Your three goals are certainly good ones. Do your parents already have an accountant? If so, that accountant wouldn't be an outsider. If not, you may be better off with a financial advisor. Perhaps you or your parents know one or can get referrals. Do they have have their investments (registered or nonregistered) at one institution? That's a good starting point. There's likely no charge. There's certainly no obligation. You could even try more than one to find someone you can all trust. It's key to understand what your parents want to achieve, assess where they are now and then develop a roadmap. There are many soft issues. For example, if they retire, what will they do with their time? Then there are the quantitative facts, such as how much money they have, estimating life expectancy, their risk profiles. There are folks who know how to do this. Do your parents *really* want your advice? Are they disciplined? Are they eligible for pensions? There's lots to consider. While you haven't experienced retirement, you can certainly help your folks think things through. And ask the right questions. Your three goals are certainly good ones. Do your parents already have an accountant? If so, that accountant wouldn’t be an outsider. If not, you may be better off with a financial advisor. Perhaps you or your parents know one or can get referrals. Do they have have their investments (registered or nonregistered) at one institution? That’s a good starting point. There’s likely no charge. There’s certainly no obligation. You could even try more than one to find someone you can all trust.

It’s key to understand what your parents want to achieve, assess where they are now and then develop a roadmap. There are many soft issues. For example, if they retire, what will they do with their time? Then there are the quantitative facts, such as how much money they have, estimating life expectancy, their risk profiles. There are folks who know how to do this.

Do your parents *really* want your advice? Are they disciplined? Are they eligible for pensions? There’s lots to consider.

While you haven’t experienced retirement, you can certainly help your folks think things through. And ask the right questions.

]]> By: admin http://www.thickenmywallet.com/blog/wp/2007/11/14/discussing-retirement-with-the-folks/comment-page-1/#comment-2662 admin Wed, 14 Nov 2007 20:07:18 +0000 http://www.thickenmywallet.com/blog/wp/2007/11/14/discussing-retirement-with-the-folks/#comment-2662 Thanks for the good tips. I am still getting over the fact that they are asking me for advice so I am nowhere near the "this is what you should do..." phase. Usually, I give them a blank look when they ask, stunned that I am the one who is supposedly to give advice about money and not the other way around. Thanks for the good tips. I am still getting over the fact that they are asking me for advice so I am nowhere near the “this is what you should do…” phase. Usually, I give them a blank look when they ask, stunned that I am the one who is supposedly to give advice about money and not the other way around.

]]> By: Canadian Dream http://www.thickenmywallet.com/blog/wp/2007/11/14/discussing-retirement-with-the-folks/comment-page-1/#comment-2661 Canadian Dream Wed, 14 Nov 2007 20:03:29 +0000 http://www.thickenmywallet.com/blog/wp/2007/11/14/discussing-retirement-with-the-folks/#comment-2661 Actually I found discussing it with my parents a bit weird as well. Yet, I know my parents don't know everything about money. After all if they had been a bit smarter about it they could have pulled the plug about five years earlier. Still they are going to be both retired by their mid 50's, so not too bad for some huge mistakes in my mind (ie: buying and selling houses every few years or less). Generally if you going to discuss it keep it simple and don't try to TELL them what to do. Just suggest things and question what they are telling you to make sure they understand things. After all no one knows everything about money. Tim Actually I found discussing it with my parents a bit weird as well. Yet, I know my parents don’t know everything about money. After all if they had been a bit smarter about it they could have pulled the plug about five years earlier. Still they are going to be both retired by their mid 50′s, so not too bad for some huge mistakes in my mind (ie: buying and selling houses every few years or less).

Generally if you going to discuss it keep it simple and don’t try to TELL them what to do. Just suggest things and question what they are telling you to make sure they understand things. After all no one knows everything about money.

Tim

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