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Boomers and Parents: Bridging The Gap
Talking With Parents About a Lifestyle Change
Understanding The Financial Picture
Which is Smarter: Renting or Buying?
Helping Parents With The Transition
Understanding The Financial Picture
One of the greatest challenges that senior citizens face in today’s economy is the record low returns that they are able to earn on their retirement funds. The "Boomer” children, who are inevitably involved in their parents’ lifestyle decisions, must not only understand the complexity of this issue, but must also be assertive in helping their loved ones address the practical alternatives which exist in this environment.
To begin your family’s analysis of this important consideration, you must first remember the following items:
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Your Mom’s perspective regarding her assets is totally different than your own.
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Your Mom has lived through much more oppressive economic periods than we are currently experiencing. She knows from experience that the economy can get even worse than it is today.
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Your Mom has probably prepared herself to live out her life without dependence upon you and your siblings. She unfortunately presumed that she would be able to earn a minimum of 5% to 6% on her available funds.
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our Mom is absolutely willing to compromise her lifestyle needs rather than disturb her inclination to do nothing during an economic cycle such as exists today.
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Regardless of how financially secure you and your siblings may be, your Mom probably still believes that whatever money she has is really yours. In her mind, she is only entitled to live off of the earnings on this money.
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If your Mom lives in a home that is free and clear, she will often not understand all of the cost implications of home or condominium ownership.
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Boomers and Parents: Bridging The Gap
Talking With Parents About a Lifestyle Change
Understanding The Financial Picture
Which is Smarter: Renting or Buying?
Helping Parents With The Transition