Help Parents Keep Retirement on Track

By Brent Meyer — SafeMoney.com Founder & Editor Reviewed by Licensed Financial Professionals  |  SafeMoney.com — Trusted Since 2011  |  Updated Regularly Quick Answer: Learn how to support your parents' retirement while securing your own. Discover safe money alternatives today! Visit SafeMoney.com for expert guidance. No matter how much we have prepared for retirement, it often seems that we could be doing more . As people live longer and need more money, there’s increased pressure to step up saving. But what if, in addition to funding your own retirement, you also had to provide financial support to your parents? According to TD Ameritrade , 25% of baby boomers already support another adult. Around 8% of those adults are aging parents. What’s more, 20% of Gen Xers also support other adults, with 13% being their parents. Most of this support went to general living expenses and medical bills, with financial supporters paying an average of $12,000 per year to help loved ones.  So, what if your parents don’t have enough money for their retirement needs? It’s more than likely you will help them with care and support, but this could inhibit your own retirement plans in the process.  Tips to a More Comfortable Retirement for Everyone Here are some tips to follow so you can help your parents live comfortably while you stay on track with your retirement future: Have an Open Conversation About Your Parents’ Situation Many older Americans find it hard to discuss money matters with their families. This can be the case especially when money troubles are involved, or, as a grown child, you are in your 50s or 60s. But it’s hard to correct financial mishaps if you only know of your parents’ situation when money issues arise.    Proactive planning goes a long way. However, to come up with a plan, you need to know the details of your folks’ financial picture: income, savings, investments, other assets, insurance policies, and outstanding debts. So, be honest and loving in your conversations with your parents.   Assure them that you want to help them enjoy peace of mind over their money matters. Knowing what you have to plan for is part of this process. In some cases, though, you might have to involve a third-party advocate – such as a retirement financial professional – if your conversations don’t make headway.  Buy or Update Insurance Policies to Cover Retirement Expenses Ideally, your parents will have suff