Podcast Summary
Supporting aging parents adds financial burden for retirees: Retirees need to factor in potential costs of supporting aging parents into their financial planning
As people are living longer, retirees are increasingly finding themselves responsible for supporting their aging parents. According to Friends Provident, more than half of today's retirees now have retired parents. This trend, driven by medical advancements and improved standards of living, places an added financial burden on retirees. It's important for individuals to be aware of this potential cost and plan accordingly. In the podcast episode with Martin Palmer, head of corporate pensions marketing at Friends Provident, he emphasized the importance of understanding future costs and preparing for them. So, if you're approaching retirement age, make sure to factor in the possibility of supporting your parents in your financial planning. And, don't forget to check out the Capital Ideas podcast for more insights from investment professionals. While you're planning for the future, treat yourself to a special purchase with a discount from Blunile.com using promo code listen.
Planning for Retirement: Inflation, Inheritance, and Intergenerational Support: Understand future inflation levels, consider inheritance expectations, and communicate effectively between generations to manage retirement living expenses, including care fees and energy costs. Utilize specialized financial products like SIPs, SASs, and annuities to ensure adequate income for dependents.
As people approach retirement, they need to be aware of the impact of inflation on their living expenses, particularly regarding care fees and energy costs. It's essential to understand future inflation levels and inheritance expectations, and communication between generations is key. Some specialized products, such as SIPs, SASs, and annuities, can help manage these financial challenges. Annuities, in particular, should provide enough income for dependents. Looking at other countries, we may see a trend towards multigenerational living, and some countries have even introduced transferable mortgages between generations. Overall, planning for retirement requires consideration of inflation, inheritance, and intergenerational communication and support.
Caring for Retired Parents and Investment Insights: As the population ages, more retirees are caring for their retired parents. Learn more at FT Money's website. Shopify offers a comprehensive solution for businesses looking to grow, with a trial period starting at $1 per month.
As the population ages, more retirees are finding themselves caring for retired parents. Martin Palmer from Friends Provident highlighted this issue during a recent discussion. For those interested in learning more, FT Money's website at www.ft.com/forward/money is a great resource. If you have investment-related questions, you can email money@ft.com. Another interesting topic comes from the Capital Ideas podcast. Hosted by Capital Group CEO, Mike Gitlin, this monthly edition features investment professionals sharing their experiences and lessons learned. From mentors to mistakes, these insights can help listeners discover their next great investment idea. On a different note, Shopify offers a comprehensive solution for businesses looking to grow. From launching an online shop to managing a physical store and handling high order volumes, Shopify is designed to help businesses succeed. With a trial period starting at just $1 per month, it's an affordable option for businesses at any stage.
