Really worried about my parents finances

WillowCat

Assuming she's old enough she should have some entitlement to a pension from child benefit. She should do a pension forecast if she has not yet retired.

Mojisola

Mum should be able to claim a pension based on Dad's NI contributions.

Marvel1

I would worry more about tenants if they decide to let out the property.

Kayalana99

IMO, they are late 60's, had a lump sum and went out and enjoyed their life. I'm all for making money, but I'd hope by the time I was 60+ I would have already 'made it'

If I was that age, the last thing I'd be doing is thinking about my future...and I'd have most likey done the same if I was given a lump sum.

They have got through 60+ years without your financial help, unless they aren't of sound mind - leave them to make their own mistakes (if they are even making them\)

annandale

It's important that they both have wills.

margaretclare

Kayalana99 wrote: »

IMO, they are late 60's, had a lump sum and went out and enjoyed their life. I'm all for making money, but I'd hope by the time I was 60+ I would have already 'made it'

If I was that age, the last thing I'd be doing is thinking about my future...and I'd have most likely done the same if I was given a lump sum.

They have got through 60+ years without your financial help, unless they aren't of sound mind - leave them to make their own mistakes (if they are even making them\)

Another perspective is that they are 60+ and they STILL have a future. People are living much longer nowadays. 60+ can have another 20-30 years of living, and I mean living, not just existing.

The BBC TV series 'Hospital' this week showed a man of 98 having state-of-the-art heart valve replacement which wasn't even invented 10 years ago. There was no thought of not treating him because of his age. A surgeon said '65 used to be old, that's a young man nowadays'.

margaretclare

wapow wrote: »

Maybe was cash in hand not reg to tax.
Didn't do job seekers cos moral or maybe shame or maybe would be put back on job and didn't want the hassle
Possibly of a culture thing

What culture is that? Never heard of it.

Pollycat

Pollycat wrote: »

Doesn't your Mum get state pension?

wapow wrote: »

Maybe was cash in hand not reg to tax.
Didn't do job seekers cos moral or maybe shame or maybe would be put back on job and didn't want the hassle
Possibly of a culture thing

https://www.gov.uk/state-pension/eligibility

Married or in a civil partnership

If you’re not eligible for a basic State Pension or you’re not getting the full amount, you might qualify for a ‘top up’ to £71.50 per week through your spouse’s or civil partner’s National Insurance contributions.
You can get the top up if both of you have reached State Pension age and either:

• your spouse or civil partner reached State Pension age before 6 April 2016 and qualifies for some basic State Pension, even if they haven’t claimed it
• your spouse or civil partner reached State Pension age on or after 6 April 2016 and has at least one qualifying year of National Insurance contributions or credits from before 6 April 2016, even if they don’t qualify for any new State Pension or they haven’t claimed it

If your spouse or civil partner was born before 6 April 1950, the ‘top up’ doesn’t apply unless you’re a woman married to a man, or a woman married to a woman who legally changed their gender after your marriage began.
If you qualify for the ‘top up’ you should get it automatically.
If you’re not getting the ‘top up’ but think you qualify, contact the Pension Service.
You’ll get any Additional State Pension or Graduated Retirement Benefit based on your own contributions in addition to the ‘top up’.

This ^^^ is what Mojisola & I are talking about.

As the OP says her parents are in their late 60s, I can't see why the Mum isn't getting this.

Mojisola wrote: »

Mum should be able to claim a pension based on Dad's NI contributions.

Kayalana99

margaretclare wrote: »

Another perspective is that they are 60+ and they STILL have a future. People are living much longer nowadays. 60+ can have another 20-30 years of living, and I mean living, not just existing.

The BBC TV series 'Hospital' this week showed a man of 98 having state-of-the-art heart valve replacement which wasn't even invented 10 years ago. There was no thought of not treating him because of his age. A surgeon said '65 used to be old, that's a young man nowadays'.

I agree, but it seems OP is more interested in protecting their larger investments then their day to day income. They have two properties by the sound of it so by far from not being able to afford bread on the table.

At that stage in your life, you should be enjoying it. Yes you may live another 20-30 years but how long have you actually got of being fit and healthy that you can make the most of it.

It's my personal opinion really, but you never know what is around the corner and late 60's is the time when your retired (or on the verge of) so for me, that is the time to sit back and relax....you should never stop caring about your finances of course but I really don't think OP has a right to get invovled here.

ETA:

"The money they inherited was just sitting in a low interest current account, and they've spent over 70% of it on paying off a credit card and holidays. They've just spent the rest of it on buying a property for cash, which sounds like a bit of a whim to me."

So they've paid off debts, gone on some nice holidays and invested the last 30%...where is the issue here?

annandale

The OP has said they have very little money in the bank. They are concerned that they won't have the funds to pay for the upkeep of the flats.

The mother isn't claiming everything she's entitled to and neither parent has made a will.

Which is pretty much the first thing you should do if you haven't already when you buy property

Having two properties doesn't mean you have income. They are living in one and the other is sitting empty