Families should discuss financial planning for retirement living expenses

Talking with aging parents about finances could be a difficult topic, but as concerns mount over the recession, one company says that being on the same page can make for less stress as loved ones enter retirement living.


While 11 percent of adult parents say they are willing to cash in their own retirement savings to h

elp out a parent, according to a study by British health insurer Aviva, nearly half of those survyed aren't sure what their plans for retirement entail.


"Future finances are one of the most crucial areas families need to discuss and a key area where people should seek independent financial advice," says Paul Goodwin, head of pension propositions for UK Life.


The organisation recommends setting up a time line of when family members will enter retirement living communities or other schemes, which will help those responsible for costs to develop savings plans that match the family's expectations.


Many organisations, from the council-level to non-profits, can also help relieve the burden of understanding the different avenues in developing a fiscal plan for maintaining aging parent's ability to maintain their retirement living goals.


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