In a column for theStreet, Sandra Adams, CFP, has some useful tips for people who want to help their parents plan for a better retirement.

She adds, “If your parents have equity in a home and plan to stay in their home long term, a scenario that includes the use of a home equity conversion mortgage (HECM) may be applicable as well as considering other benefits your parents may have access to.”

Adams says that many older adults either left their retirement portfolios extremely aggressive from when they were working, taking on way more risk than they should at their age and stage of life, or they are extremely conservative and almost all in cash, CDs, and bonds and at risk of not being able to keep up with the cost of living.

“Either extreme could be detrimental to a retirement plan long term. Adjustments should be made to an appropriate level of risk with a mix of bonds and stocks. Those assets should be actively monitored on an ongoing basis so that any cash needs or tax opportunities can be identified,” says Adams. Read the full article.