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How To Plan Finances For Your Parents?

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How To Plan Finances For Your Parents?

  • Highlights

  • Retirement of your parents can stir your financial planning

  • 44% of parents fail to save enough for their retirement

  • Rebuilding their corpus by investing in investment tools

  • Securing medical expenses with Health insurance policy


Retirement is one of the most important event in your parents’ life, which stirs their finances and could derail their future financial plans. In order to give their children, the best, parents put their future on the back-foot, and keep catering to the needs of their children.

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This leaves them pinching pennies during their golden years, when they should ideally be enjoying the fruits of their labour. Hence, retirement always leaves most parents unprepared to handle sudden expenses.

If you plan well, you can manage financial stress effectively for your parents. Boosting retirement income for your parents is hence, a prerequisite.


These simple methods can help your parents with their retirement, and get their finances in shape:

 

Rebuild Their Corpus

According to a survey by a leading financial organisation, 44% of retirees do not have enough savings for themselves and they believe continued financial support for their children was a reason for their shortfall.

The biggest gift that you can give back to your parents is the peace of mind in their golden years by rebuilding their corpus. You can invest in a fixed deposit scheme, which provides attractive returns over time. You are entitled to receive a specified amount at the time of maturity.

Share Your Finances

Your parents ensured that you are provided with all necessities for your development. Ascertain their financial needs and assure that they have sufficient funds to live comfortably.

There is even a tax efficient way to contribute towards your parents’ financial needs. You can pay rent to the parents and claim tax exemptions on the same if your employer offers house rent allowance for you under section 10 of The Income Tax Act, 1961. You can also send money as ‘gifts’ to your parents which is again exempted from tax

How to gain periodic payouts post-retirement

Get Them Covered

Old age brings along many problems with it. The declining health of your parents along with the rising costs of healthcare facilities is the biggest threat to their finances. They best way to secure them financially is to protect their medical costs through a health insurance plan.

Paying premiums for health cover policy for your parents also qualifies for tax exemption under Section 80(D).

Additional Read: 5 Best Recommended Investment Schemes For Senior Citizens

You should also ensure that your parents invest their retirement funds wisely. There are various investing options which can provide you good returns like fixed deposits, public provident funds, tax-free bonds etc.

DISCLAIMER: The mentioned fixed deposit interest rates are indicative only, and may be subject to change periodically. Please check the interest rates on our website.

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