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When it’s time to talk to the folks about annuities
You’re the default caregiver for mom and dad and mom and dad need more income. Here’s how to talk about annuities with them to have income for life. Help them (and yourself) make retirement easier by starting to get debt free with the free 7-Step Credit Card Debt Slasher.
Talking about mom and dad’s money and about annuities
It’s hard to talk about money with our parents. How much money do they have? Should they expect social security payments? How do annuities actually work?
We may not want to have these conversations with Mom and Dad, but as our parents grow older, we’re going to be the ones looking out for them. So, let’s have the conversation about money sooner rather than later.
On today’s episode of Queer Money®, we discuss our five tips for talking to your parents about money. Most of us fear outliving our money and a lot of what we think we know about annuities may be misconstrued. We’re here to motivate you to get real about retirement concerns.
There are many misconceptions when it comes to saving for retirement, so listen in to hear our insights on why you should summon the courage to propose an annuity to your parents as they enter their golden years.
5 tips for talking about annuities with the ‘rents:
Topics covered about annuities
- Our tips for talking to your parents about annuities
- Common misconceptions about annuities and their perceived complexity
- Breaking down the taboos of talking to your parents about money
- Common trends on how adults save money and are generally unprepared for retirement
- The importance of doing the math on what income your parents can expect in retirement
- Fears and concerns people often have with retirement and saving money
Connect with David and John
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- 7-Step Credit Card Debt Slasher
- Queer Money Facebook Group
- Queer Money on Instagram
- Subscribe on iTunes
- Email [email protected]
Resources about talking about annuities and money
- Episode 178: How to Talk about Mom & Dad’s Money
- Episode 298: 7 Basics You Should Know about Annuities
- The Guaranteed Lifetime Income Study by Greenwald Research
- 2010 MetLife Study on LGBT Boomers Serving as Caregivers
- Find Your Social Security Account
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Get more help to help mom and dad:
- Your SureFIRE 5-Step Early Retirement Plan
- 37 Best Tips on How to Become Debt Free
- How to Retire? 21 Tips for Financial Planning for Retirement
We’re David and John Auten-Schneider, the Debt Free Guys and hosts of the Queer Money® podcast. We help queer people (and allies) live fabulously not fabulously broke by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs, and 3) save and invest for retirement.