How do you deal with your parents retirement planning?

[jaz2001]

My parents are starting to really plan for their retirement which will happen in the next 5 years. I'm trying to make sure they think of everything and do not get scammed but I also do not want to manage things for them to not be blamed for anything and create tensions. I have trouble finding advisors to help them because I don't trust them to not be selling them shit investments products.

How do you deal with that if you yourself manage all your finances alone? Would you try to find a way for your parents to be able to do it alone too and help them manage it or would you delegate it to someone neutral you trust? and who might that be?

 

[turnkeyfx]

@jaz2001 Look for an independent financial planner that works per hour and not on commission.

 

[kevin__huang]

@jaz2001 I would start by asking what they want. For many people, this is surprisingly hard to define.

You can't solve a problem that you have not defined well, so I would start there.

Then they can start to figure out what is important - regular income, lump sum, tax situation etc.

 

[harliee57]

@jaz2001 Tell them to go to live in south Europe. With Swiss pension you are a king and soon they will have the mother fu**ing 13 salary have been approved

 

[kevin__huang]

@harliee57 The problem with this is that you are apart from your family, children and grandchildren. My mother in law moved back to Switzerland for just this reason.

 

[meow69]

@kevin__huang Solution: OP should move to southern europe too!

 

[bhaskyjhn]

@meow69 and become europoor? /s

 

[meow69]

@bhaskyjhn There are advantages and disadvantages

 

[troypop28]

@kevin__huang South of Europe can literally mean Piemonte region or Annecy for example. Or even Baden Baden if you are in the German side.

They will definitely afford a nicer and/or cheaper house + have more disposable income to enjoy life. But if been close to family daily is more important then staying in CH is the way to go at the expense of a more comfortable life.

 

[wyschong]

@troypop28 My dude, Annecy is expensive af

 

[troypop28]

@wyschong It doesn’t have to be by the lake. In the city or a bit out of the lake is cheaper then here. Well, at least cheaper than major cities here.

 

[harliee57]

@troypop28 This.

 

[tracytray02]

@harliee57 The good places in southern Europe (i.e. near airport, access to public transport, good hospitals, etc.) aren't cheaper than Jura or Wallis anymore.

Shit man, my parent pay 3500 EUR rent per month in Costa del Sol for 100sqm..

Add to that currency concerns and tax, you're really not much better off in many cases.

 

[harliee57]

@tracytray02 I doubt at least considering Italy.
Where you get similar landscape than jura or Wallis they pay you to live there and not viceversa.

Alternatively Milano just slightly out of the center you pay waaaaay less rent then the cheapest hell hole in Switzerland.

Not only: food? Do we want to talk about it?
Also: hospitals? Is all included and quality of docs is light year better than the average gruetzi that charge you every 2 minutes.

Believe is a no brain as retired.

As active worker we can discuss

 

[seeking456]

@jaz2001 https://www.tagesanzeiger.ch/das-erfolgsrezept-fuer-die-perfekte-anlage-gibt-es-nicht-304511965100

The final part could lead you on the right track.

Also check this Podcast about this topic:

 

[chuatnhat]

@jaz2001 Frist consulting at VZ is free and they aren't biased towards any products. Only bias they have is that they want to manage your money and investments over their Depotbank.

 

[godsgirl12]

@chuatnhat True, would also recommend them. Also if you are on good terms with your parents make sure you are up to date with their finances. my father is suffering from dementia. I am glad he told me about his finances when he was still ok. made it lot easier to take care of all his admin stuff.

 

[godsgirl12]

Even if they are healthy and live to be 100 they wil get old and will most likely need your help at some point.

 

[gwendale]

@chuatnhat VZ (Vermögenszentrum) are pretty good. They do consulting , seminars but also have books and pamplets. You can have them manage your stuff. I have my 3a here and some other investments. Can‘t complain.

But sure they also just consult, my mother went there after the death of my father. Because he used to manage the money, they explained his investments and all of mom’s question about her pension. But she kept the investments at her old bank.

They are independent because they don’t have their own products, but choose from other banks whatever they think are best. Fees are lower than at regular banks.

And if things happen like the energy crisis, changes in the key interest rate or whatever they reach out and explain things so people aren’t unsetteld.

Also 60 is not old they really should be able to take care of that by themselves.

 

[mwinga]

@gwendale Go to finfinder.ch and pick an independent financial planner (VZ isnt independent).