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Tips for Helping a Relative Financially Prepare for Retirement

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Preparing for retirement could be a stressful and challenging time for an elderly person. Although retirement can be an exciting milestone to reach, the transition into this new stage of life is very difficult for some.

If you have an elderly relative who is currently preparing for retirement, then there are a number of things that you can do to help them get their finances in order.

Start Saving Early

It is never too early to start saving for retirement. If you know that your relative is approaching their retirement years, then you can encourage them to start saving now.

It is likely that they will have already considered this and started saving long ago. It might also be the case that they have several different savings pots which they have perhaps lost track of.

Offering your help to understand their savings better so that everything is much simpler can be very helpful.

You will also want to find a selection of helpful online resources relating to financial management that you can share with your relative.

Credit Card Alternatives

Your elderly relative may be considering using a credit card to fund their lifestyle during retirement. Unfortunately, this can be a mistake for a number of reasons.

Racking up debt in their senior years might not be the best idea for your relative. Debt can be overwhelming at any age, but it is more likely to become unmanageable for a person who is on a fixed income.

There are several practical alternatives to credit cards that you can look into. Cash Lady offers excellent advice on credit card alternatives here. You will certainly be able to find a more suitable option for your elderly relative.

Sell Unwanted Belongings

You will likely find that your elderly relative has many items in their home that they no longer want or need. Selling these items is an easy way to add some extra cash to their retirement fund, as well as freeing up space in the house.

If your relative is not confident about using the internet, you can help them list their unwanted items on an online marketplace, such as eBay or Amazon. These websites are fantastic places for selling practically anything, and there will certainly be a buyer out there for each and every item. You might even be surprised to discover just how valuable some of these items are.

Offer Ongoing Assistance

As you help your relative prepare for their retirement, it is a good idea to make sure they know they can always call on you for help.

Some people find it much harder to ask for help than others, but those in their retirement years will often need assistance from other people. This could relate to their finances or another aspect of their life. However, it may also simply be the case that they are lonely and would enjoy talking to you on a regular basis.

Reiterate the fact that you are always happy to help your loved ones and check in with them as often as you can to see if they need anything.

 

Photo by Max Harlynking on Unsplash

 

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