When it comes to family finances, research shows that more than 50% of parents are supporting their adult children in a variety of ways, from paying groceries and cell phone bills to covering insurance and housing costs.
Over the years, we’ve helped many couples plan for and transition into retirement. A key to success during this critical time is enhancing financial compatibility before one or both step away from their professional lives.
Recently, I had an opportunity to help a new client with a strategic financial plan. When she came to us, she shared with us that she felt pride in what she had accomplished in life in raising her son and in her career. Yet, she felt uneasy and anxious about what was yet to come, and she could not tell from her company’s retirement statement if she would be able to travel as she wanted to do in retirement.
We women live longer than men, and many of us will be on our own at some time in the future. At age 65, we can expect to live another 20 years on average, and we will need to depend on ourselves more than ever to successfully navigate the retirement landscape. Most of us cannot afford to make a major mistake and still ensure there will be time to recover.