Financial Planning and Support for Parents' Retirement

What is the main service offered by advisor.com as mentioned in the video?

• Free financial workshops

• Robo-advisory services

• Investment in real estate

• One-on-one financial advising for a flat fee

What alarming statistic about retirement savings is highlighted by Cindy Zuniga Sanchez?

• 50% of Americans rely solely on Social Security

• Only 10% of Americans have a retirement plan

• 60% of Americans are unsure if they have enough to retire

• 80% of Americans have no savings

What is the first step recommended by Cindy for planning your parents' retirement?

• Invest in stocks

• Communicate with your parents

• Hire a financial advisor

• Start a savings account

What is a potential benefit of discussing retirement plans with your parents?

• You can control their finances

• It helps establish expectations and boundaries

• You can avoid all financial responsibilities

• It guarantees a large inheritance

Why is it important to communicate with siblings and significant others about supporting parents?

• To ensure everyone contributes equally

• To plan a family vacation

• To avoid misunderstandings and set clear expectations

• To decide who will inherit the family home

What should you do to understand your parents' financial situation?

• Ask them to sell their assets

• Review their income, expenses, and debts

• Suggest they move to a cheaper location

• Encourage them to take a loan

What is a key component of creating a support plan for your parents?

• Buying them a new car

• Incorporating their needs into your personal budget

• Hiring a personal chef for them

• Investing in cryptocurrency

What is the final step Cindy emphasizes in supporting your parents financially?

• Moving in with your parents

• Buying a life insurance policy

• Taking care of your own financial health

• Starting a family business

Why is it important to have a clear budget or money plan for yourself?

• To ensure you can travel frequently

• To manage your own expenses and financial goals

• To avoid paying taxes

• To impress your friends

What should you do if your parents have no retirement savings?

• Encourage them to work longer

• Rely on government support

• Start planning and saving early

• Ignore the situation