Fifty Years of Abuse?

Hi Scott,

My parents are in their 70s and have always had separate accounts. Now that Mum has retired and Dad refuses to, Mum is forced to live way below the poverty line. They own their own home and Dad pays the household bills because he is still working, but it leaves Mum with pretty much nothing. I am afraid this is going to end in divorce, and we know the frightening statistics on elderly homeless women these days. Who can assist them?

Linda

Hi Linda,

Keep an open mind.

Okay, so it could be that your dad is a controlling bastard. If that’s the case your mum won’t end up homeless: she has a claim on the property and any other assets, and a loving daughter to help her.

On the other hand, your father may have contracted ‘chrometophobia’.

A chrome-wha?

It’s a $10 word that basically means ‘having a fear of spending money’.

It’s a condition that affects many older people who are in the process of turning off their income taps for good … and I’ve seen it happen to very wealthy retirees too. So what I’m saying is, don’t write your old man off yet: it may be he’s understandably freaking out about this major life transition.

So what can you do?

I’d encourage your parents to sit down with a financial planner. They can map out their post-retirement investing and spending plan, which will give your father the assurance that he’ll be okay.

Scott.