From a top-up health insurance policy to a mutual fund investment, there are various ways to enhance the financial stability of fathers and their independence on the day dedicated to dads.
As always, Father’s Day falls on the third Sunday in June. This year, it’s on June 19. So, what do you plan to gift your father this year? A new shirt, tie, or a family lunch or dinner, perhaps?
Why not financial freedom instead? Of course, supplementing that with lunch and dinner would be a good idea. Gifting something that can help improve his financials would surely be a nice surprise.
Help your father get his finances in order. Preferably, get him to meet a fee-based financial planner who will objectively evaluate his financials and get them back on track if need be.
Financial planning is not about which stock to buy and sell. A financial planner can help get a budget in order, suggest appropriate insurance – both life and health – realign investments,
Books have been a gifting idea since time immemorial. This time around, consider books on personal finance or subscriptions to blogs and articles on finance.
You can also pay for such a course if your dad is willing to sit through and learn about important tools to manage his finances better.
The biggest threat post-retirement is medical expenses. Your father may currently have employer-provided medical cover. However, after retirement, this will disappear.
Evaluate his health insurance to see if it is adequate. Now is a good time because with advancing age, he may not have the resources to get health insurance and neither will he be eligible.
From a top-up health insurance policy to a mutual fund investment, there are various ways to enhance the financial stability of fathers and their independence on the day dedicated to dads.