Outlook Money, in association with Aditya Birla Sun Life Mutual Fund, hosted a webinar as part of its “Retire Right” series. The episode, titled “How to Plan Right for Your Ageing Parents,” focused on the pressing need for younger and middle-aged individuals to care for their ageing parents. Moderated by Nidhi Sinha, Editor at Outlook Money, the webinar featured three distinguished panelists: K.S. Rao, Head of Investor Education and Distribution Development at Aditya Birla Sun Life AMC; Kiran Telang, a certified financial planner, SEBI-registered investment adviser, and author; and Amit Trivedi, an author, speaker, blogger, and capital markets expert with over two decades of experience.
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Rao emphasised the importance of holistic planning for parents, integrating both financial and emotional support. He cited a Sanskrit Subhashita, underline the moral duty of caring for parents. He noted the complexity of modern family dynamics, where children might reside abroad, and stressed the need for open conversations about finances to avoid misunderstandings.
Telang highlighted the emotional sensitivity surrounding financial discussions with parents, especially during their transition into retirement. She advised starting financial conversations early and gradually integrating them into family discussions to ease the transition and maintain the parents’ dignity.
Trivedi focused on practical aspects, such as ensuring easy access to money for parents. He suggested involving grandchildren in teaching parents about digital banking to reduce the risk of cyber fraud and make the transition smoother. He also emphasised the need for safe living environments, whether in their own homes or senior living facilities, and discussed the financial goals for ageing parents, including regular income, medical expenses, and maintaining their dignity and independence.
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Telang and Trivedi both stressed the importance of inheritance planning. Telang recommended professional guidance for creating Wills and ensuring smooth transitions of assets to avoid complications after a parent’s death. She explained the complexities of succession laws and the benefits of having clear, legally binding documents.
The webinar also touched on the emerging trend of senior living facilities in India. Trivedi noted, “The best senior living facility would be the family home, but practical realities often necessitate other options.” He advised considering factors like proximity to hospitals, safety features, and the overall environment of these facilities.
In conclusion, the webinar underscored that planning for ageing parents involves more than just financial provisions. It requires sensitive handling of emotional issues, proactive discussions, and ensuring access to professional services. Rao summarised, “It’s not just about financial support but also emotional support. The care we give to our parents reflects the care they once gave us.”
The “Retire Right” series by Outlook Money continues to provide valuable insights and practical advice, helping families navigate the complexities of retirement planning with dignity and respect for all involved.