Mums retirement

DietIrnBru

Around 10 years ago, I helped my mum set up a private pension. Retirement was coming into view, they had been a late comer to the NHS pension. My mum isn’t the savviest of savers - prone to the path of least resistance or spending money in the here and now. 

I’d encouraged them to use regular savers for a short term cash pot; see cash windfalls of a few £100 here and there as something worth storing for the future - not spend money on redecorating constantly or giving cash to myself and my sibling at Christmas. 

Despite that, like the good intensions of that shown by somebody who had joined a gym but never went, it’s kinda been left to flounder by the side. They haven’t made any effort to figure out what their retirement income will be, I try to raise awareness that poverty is a real risk. Just a nervous laugh and weary shoulder shrug is the response.

I appreciate that a parent does a lot for their kids, but they’ve not had that responsibility for over 20 years, time enough to start some financial planning. I would kind of resent it if I had to come in and try and sort what I’d warned about ten years ago. 

Does anyone else just find family infuriating when it comes to financial planning?

Flugelhorn

Generational thing

Your mother must be the same age as me - I think lots of families find it difficult to discuss money - my mother asked me to be POA and I knew then that she must be losing the plot as no-one had ever been privy to what she had in savings / income (not even my father when he was around).
Similarly we don't discuss income / pension with our kids  - they tell me what they earn, but doubt they know how much our pension income is

Ms_Chocaholic

I'm not sure how old you are Flugelhorn but I regularly discuss with my children how much I earn and what my pension pot will be worth, it's good to get their thoughts on it too.