Retirement Planning/poor decisions in retirement


  I am writing about my brother who is 65 and retired.  He has made no provision for retiring and just collects social security period.  He constantly calls my mom (every month or more) and wants $600 to $1200 a month because he can't pay the rent or car payments.   He says that he will get that money after mom dies anyway so he may as well collect it now.  Mom is angry at him but will not tell him, she just pays out and complains to me.  Her will states that when she dies her money will be divided in half between him and me.
   Do you know of any recommendations I can give him to stop sponging off of her.  He lives in Florida and can't find any kind of job.  Would he qualify for any government help I can recommend him to apply for?  I can understand his problem but it just doesn't seem fair to sponge off of mom (and if there is anything left when mom dies off of me as well).

Thanks for your question and I hope I can give you a little insight. I think the problem here is that your brother really has no incentive to stop "coming to the well" (which is your mom) because the "well" always provides for him. If your mother would cut him off then he would obviously have no where to go and possibly be forced to take a job and fend for himself.

I would suggest that you and your mom possibly have a rather serious conversation and review this matter with a financial adviser who can possibly look at your mom's finances together because it could possibly put her in a situation that will not allow her to maintain her standard of living in the future. In addition, there is possibly some issues you can go through with an estate planning attorney to review her will and/or trust.

All in all you know better than I that this is a sensitive matter and it is never easy because it involves family. I hope that this little bit of information helps.  

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Richard E. Reyes, CFP


I can provide answers to questions relating to retirement especially relating to; income distribution, tax efficiency, long-term care insurance, life insurance, estate planning, asset protection, variable and fixed annuities, alternative investments and prudent portfolio design.


Through the years Richard has built a reputation as one of Central Florida's expert on retirement income distribution by providing sound, unbiased wealth coaching. We believe that Financial Planning is the problem and Wealth Coaching is the solution. The Wealth Coaching process gives you Peace of Mind, so you can stop worrying about your future. It helps you find happiness as it guides you in the TRUTH of investing, by teaching you how to make wise choices as you journey through your life’s stages. It is all about your relationships and what you value, not your net worth.

Seminole Success Magazine “Retirement Planning” Seminole Success Magazine “Small Business Snapshot” The Orlando Sentinel – Ask the Expert Financial Section (Various) Greater Orlando Broker Agent Magazine “The New It” Senior Market Advisor “Random Reader, Random Questions”

B.S. University of Florida, Gainesville, FL
CFP Certificate, University of Central Florida, Orlando, FL

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