MONEY SKILLS: Help your mom get organized for Mother's Day

Published: Tuesday, May 6, 2014 at 22:05 PM.

Mother's Day is May 11. If you're wracking your brain for ways to show your mom appreciation for all the sacrifices she made while raising you, here's a thought: Why not offer to spend some time helping to sort through her financial, legal and medical paperwork to make sure everything is in order?

While flowers and candy offer immediate gratification, I'll bet your mom will truly appreciate the long-term value of getting her records in order now so that she – and you – will be able to take appropriate actions later on, should the need arise.

Some of the areas you might want to organize include:

Retirement income sources. Gather these documents so your mom will have a better idea how much income she'll have available throughout retirement:

•Register your mom at the mySocialSecurity website to gain access to personalized estimates of retirement, disability and survivors benefits, lifetime earnings records and estimated Social Security and Medicare taxes paid.

•You'll also need your dad's statement to determine any potential spousal or survivor benefits for which she might be eligible, so sign him up as well.

•Annual statements for pension, IRA, 401(k) or other retirement savings plans for which she's eligible. (Check your dad's statements too in case she's eligible for spousal death benefits.)



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