Someone once told me they knew of a couple who said that they were going to enjoy their retirement and spend their money so that their children would not have much to fight over after they passed away. That is one way to handle your finances, although there are no guarantees that leaving little money would keep the peace. Another approach could involve outlining clear plans for your finances and relaying these plans to your children, emphasizing your faith in their ability to be mature regarding your decisions. If you are interested in estate planning, both to ensure you …Read More
As we get older the parent-child relationship changes: it can become more of a friendship and in some cases, parents and children completely reverse roles. If your parents have already taken the time to speak to you about the steps they have taken towards retirement planning, consider yourself fortunate. If they haven’t, and you are in communication with them, you should consider talking to them about their financial future.
Parents may assume that their children don’t want to talk about finances and children may feel presumptuous asking about their parents’ money. One thing you might want to do is …Read More
Whether single, married, divorced, or widowed, women face a challenge in planning for retirement that can be summed up succinctly: need more, have less. Women, on average, live five years longer than men and also have less opportunity to earn and build wealth. According to the Women’s Institute for a Secure Retirement, a typical college-educated woman earns almost $500,000 less during her career than a college-educated man. Women also suspend or cut back on employment to care for elderly, ill, or disabled parents, siblings, or other family members.
Social Security benefits are computed over the span of a work life …Read More