Retirement seems so far away at all points in life. But, for all of us, it comes faster than we expected. Sometimes it comes because of an injury or sickness. Sometimes, it just seems like there is more time. ­­­But, that means that money isn’t always there for expenses that come up during retirement if you don’t plan ahead.Don't Run Out of Money in Retirement

The Care Assistance Center in Raleigh works with families to help their relatives preserve their assets as they age, reviewing the right strategies for the right time in their lives so they don’t come up short in retirement. We have talked with so many families who aren’t sure how to help their parents invest the resources they have to make sure they have enough money to carry them through their life.

3 ways to help relatives save and preserve their retirement are:

  1. Frugal Living: Encouraging family to make the best financial decisions with the money they have. Eat out less and save money where it is possible.
  2. Preserve Investments: Too often, retired or pre-retirement parents continue to invest as though they still have twenty or thirty years for the stock market to recover from a hit. Seeing and preventing potential vulnerabilities can go a long way to making sure your parents won’t have to work past the time they want to retire.
  3. Take Missing Money: If you are retired, consider having a professional review the monthly income to make sure no benefits are being missed. Many couples forget benefits or think they don’t qualify that could help their situation quite a bit.

For adult children, watching aging parents run out of money can be extremely stressful. Before panicking and taking a second job to finance their retirement, make sure they can plan ahead so they aren’t missing out on anything. Claim a free strategy session now.