Do you talk about your financial plan with your adult children? If you don’t, you should—for their sake and for yours. After all, you probably have plans for your money. And to the extent that those plans involve (or will impact) your kids, they should be aware of your wishes. Plus, your adult kids may end up managing your finances someday, so talking about your financial situation now will help them be prepared for what may lie ahead.
A local financial advisor, Patrick Robison of Northwestern Mutual, sent an article to me about the importance of sharing details of a financial plan with adult children. I found it to be a good read and knew it would be of interest to some of my clients. You can read the entire article at NewsBrief, June 2017 – How to Have Family Conversations About Money with Your Adult Kids – Northwestern Mutual
I frequently encounter families that are caring for a loved one who has developed Alzheimer’s Disease. The challenges facing such families are considerable: the high cost of care, loved ones that can exhaust even the most patient family member, and the emotional toil that comes with seeing a parent or other loved one slowly lose the ability to recognize friends and family. Fortunately, scientists are conducting research to try to reverse the condition. One team of scientists has reversed symptoms of the condition in mice. You can read more about their work in this piece by Timothy Seppala in Engadget:
While we may be several years away from an effective treatment, it is possible to make the task of managing the affairs of your loved ones a little easier in the event they develop the disease. A comprehensive durable power of attorney is an absolutely essential document for every person over the age of 50. Whether one loses the ability to make financial and other decisions due to Alzheimers, a stroke, or some other condition, having a durable power of attorney can make it easier for your family members to handle your affairs: including the possibility of preserving your assets when you become eligible for Medicaid.
Do you ever think that every telephone call is from a con artist trying to separate you from your money? Is your email inbox full of messages that claim you need to confirm or reauthorize your account information? Do you receive unsolicited offers for reverse mortgages and complex annuities? You are not the only one. The Consumer Financial Protection Bureau has kept track of the most common financial complaints voiced by people over the age of 62. The CFPB recently published a report that discusses the top 5 complaints, which you can read about in a story by Jonelle Marte of the Washington Post. You can read the story by clicking 5 common financial struggles faced by people over 60 – The Washington Post
Are you a 1 percenter? No, I don’t mean in the Occupy Wall Street sense. Rather, I mean are you among the 1 percent of Americans who have a home that has 5 features to make it possible to “age in place”? Those features are: (1) No steps; (2) a single floor (or at least a bedroom and bathroom on the first floor); (3) extra-wide hallways and doors that can accommodate a walker or wheelchair; (4) lever-type doorknobs (as opposed to round doorknobs); and (5) light switches and outlets that can be reached from a wheelchair. You can read more about the importance of planning to age in place in an excellent article by Paula Span in the New York Times. You can read the article by clicking on the link Planning to Age in Place? Find a Contractor Now – The New York Times
Everyone is different. You may decide to retire at age 60, but have a family member that decides to keep working until age 70. Regardless of when you would like to retire, there are certain ages that you should be mindful of because of IRS rules on retirement accounts or government benefit programs like Social Security or Medicare. Keep these ages in mind, and you’ll be prepared to optimize the benefits you get. I encourage you to read the well-written article by Matt Carey on Forbes.com that discusses The 7 Ages That Matter Most When Planning Retirement.