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other holds an important place in
everybody’s life. She means a lot in your life. The day to celebrate unique
bonding is round the corner, Mother’s day is round the corner and what have you
planned out for her?
Nothing could be as better a gift other
than a retirement plan for your mother. The woman has never ever asked anything
from you, it’s the right time to realise her of significance in your life.
According to some findings from a
leading bank, retired persons in Britain are the worst prepared lot when it
comes about post retirement finances. A large chunk of them will run short of
savings before midway into their retirement.
There have been a few studies, which
show that women lag behind in planning their retirement, 50 percent to men’s 61
percent.
Do you want to see your mom meeting the
same fate as others of her age? Certainly not, after all, it’s you, who is
supposed to take care of her in later phase of her life. So, why not start
preparation now onwards.
All those years, into her working life,
she saved the money to fund your education. It’s time to make up for that by
getting a suitable financial plan to cover entire life of hers.
Various insurance companies have come up
with several retirement policies. Several nursing and care schemes have been
launched in the recent times.
Several
financial plans to take care of your mom in her later years
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If your mom is still working, encourage
her to get the benefits of 401 (k) plans. This plan is facilitated by
employers, under which employees can make payments on a post tax or pre-tax
basis by salary deferral.
By asking for 401 (k) plans, she can
earn free money from the employers and there is every chance of tax reduction
on her salary amount.
To the mom in her 50s, a long term care
insurance policy can secure her life. She can turn to the insurance policy as
and when the needs arise.
If she has not yet asked for federal
social security, take the job in your hand to enlist her name in the social
security beneficiaries. There are several Medicare and other policies being
supplemented by the government to retired citizens in the country.
Besides all these plans, there are some
private insurance policies covering the entire lifespan of elderly persons. You
can go through each and every plan and opt for one suitable scheme to secure
your mom’s future.
Last but not the least, gift the most important
person in your life, a house. She can always turn to the house to fund her old age, when you are far away from her.
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