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Many people face their parents’ retirement and aging without a second thought, assuming that Mom and Dad are in good financial shape and ready for the golden years. Making this assumption can be a serious mistake. You and your folks may think they are adequately prepared for retirement, but how far down the road have they looked?
With average life expectancy increasing, it’s not uncommon for people to live 10 to 20 years, if not longer, after retiring. A great deal can happen in that time, and life’s events don’t always work out as planned. Culprits such as inflation and illness can wipe out a nest egg and undermine the financial independence of even the best-prepared retiree.
Inflation can seriously erode money’s purchasing power over time. Even with an average inflation rate of 4 percent, retirees at age 60 with an income of $2,500 per month will have the purchasing power of $1,388 per month by the time they’re 75 years old. In other...
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