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My parents are retiring (Dad in the next couple or months, Mom in the next 18 months). My Dad has done a great job of planning/prepping for this moment, and they will be absolutely fine.
The problem is, my mom has always left this stuff to my dad, and she seems to not fully get that without a salary still coming in, they can still be fine. She can't wrap her head around monthy pay-outs from an investment, as I presume she thinks that when you take from a pot, the pot simply diminishes and she gets very concerned about leaving stuff for her kids and grandkids.
I'm super worried my mom (specifically) could become almost like a miser, simply because she doesn't understand this new normal for them. She grew up on a farm outside SA during war times in that country, so I understand why she has this historical tendency to worry about stockpiling, rationing, etc. but it's no longer applicable, and I'm genuinely worried that she's going to revert (in some ways) to that mindset again, out of pure misunderstanding.
I want to avoid this getting any more entrenched in her mind. My folks are fun, young souls, and deserve to enjoy their retirement. Can anyone recommend resources (YT videos probably best) where someone generally explains how retirement finances work when you're getting your monthly funds from a pot of investments, rather than a salary, and those investments retain value or grow, just so she can better understand things.
I appreciate there are a million ways to climb a tree, so everyone's retirement will be different, but she doesn't need specifics, just general info into this world. Thanks!
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- 7 months ago
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