Tough economic times have left many aging Americans in a position where their retirement funds have become severely depleted. A report says it's not out of line for their grown children to step in and help their parents arrange financial planning.
A fee-only financial planner could be beneficial in a scenario where an older couple has lost much of the funds they would have depended on in retirement, Dr. Don Taylor advised in a column for Bankrate.com. The expert said planners can point seniors in the right direction when they're looking for ways of increasing or protecting their assets, such as investments or life insurance, as they near retirement.
Additionally, Taylor said older children may want to discuss the value of a reverse mortgage if their parents are in dire financial straits but own their home. The arrangements can allow seniors access to the equity they've built up in their home over the years.
A strong life insurance policy has become more important than ever in the face of dwindling retirement savings. Reports say retirees are finding their savings accounts sapped by low interest rates.