We posted tips for Mother’s Day, now here we are at the week leading up to Father’s Day. We often see articles that included tips learned from dad, but what about financial planning tips for dad?
My stepdad looking smart in his fireman's uniform.
Just as with mom, you should discuss topics with your father such as retirement savings, Social Security plans, insurance needs, retirement activity goals, and even estate planning and end of life decisions. This is especially true if your father happens to live on his own at this stage of life. You don’t need to personally understand all of these areas yourself but have a frank conversation to get a better understanding of where your father stands financially and what he is planning for his golden years. We often assume that dad being dad, has all the answers and that’s not a good assumption. It’s better to be upfront and clear and discuss these issues.
My father and stepsister celebrating her birthday.
An important documents binder is also a good gift for dad. It can come in handy in emergencies. Let your dad customize this binder and have him put all of his important documents inside such as his Will, insurance contracts, Durable Power of Attorney, Social Security statement, titles to vehicles, mortgage, and even a farewell letter to family and friends. It’s his binder so let him personalize it all he wants, but make sure it contains all of his vital documents. You can read more about what to put into his binder at my blog post Do You Have a Special Emergency Binder.
Again, you don’t have to understand all of these areas but you do need to understand your dad’s goals and plans. Discussing these points should be done open and honestly. Topics that you and your dad do not understand should be noted and both of you should make a plan to get answers and follow through. As an independent Certified Financial Planner™, I can help you with the unfamiliar areas, set a timeline and put that plan into action to help dad get ready for retirement and beyond.
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