Social Security Planning - Social Security is blanket that covers a lot of people in their retirement plans, but it’s important for your parents to determine when they should be tucked in. The point at which a person should begin to collect Social Security benefits depends on a few details, details which you should ask your parents about. It’s important that you ask how much they have saved in various contribution plans such as a 401(k) or IRA. Also, find out how much they can expect to receive from a possible pension. The funds available to them in these accounts can drastically affect the point at which they should apply for Social Security benefits.
Investment Legitimacy - We have all have that sweet old aunt who proudly told everyone how she received that letter in the mail informing her that she won the jackpot in some sweepstakes and will receive the prize money just as soon as she sends in her bank account information. This is obviously a drastic example, but it’s important that you ask your parents about their investments that they have made and ensure that they aren’t involved in anything risky. Older individuals are often targeted by scammers, so it’s an important conversation to have. Even investments that are legitimate may involve too much risk to be worthwhile for them.
