5 Steps to Stop Enabling Financial Dependence.
The statistics are alarming: according to a Pew Research Center report, nearly 60 percent of seniors have provided financial assistance to their adult children in the last year. The same report indicates that 27 percent of seniors are the sole financial support system for an adult child.
While occasionally helping out an adult child financially who has fallen on hard times is normal and even acceptable, there is a fine line between that kind of true emergency situation and one where an adult child has become entirely dependent on their parents.
When it gets to the point that adult children have become a financial burden, it’s time for seniors to realize that if they continue to try to fix the financial problems of their adult children, they will eventually go broke themselves, possibly threatening their ability to retire.
If you are among the 27 percent of seniors who are continually supporting an adult child or children, read on for five steps to follow to help break the cycle of financial dependence. Continue reading
Four Meaningful Ways to Give Back This Holiday Season.
Bob Hope once espoused that his idea of Christmas, whether old-fashioned or modern, was very simple: loving others. “Come to think of it, why do we have to wait for Christmas to do that?” he asked.
It is a good question. While there are many people who give of their time and talents year-round, the holiday season always brings with it an increase in generosity. Maybe it has something to do with the spirit of the season or the fact that around the holidays, charities and other nonprofit organizations are more vocal about their needs.
According to the National Center for Charitable Statistics (NCCS), 72 percent of all charitable contributions received are from individual donors. Only 5 percent of corporations and 15 percent of foundations donate to charitable organizations. The remaining 8 percent comes from bequests.
While monetary donations are a big part of the holiday season, they are not the only way to make a difference this holiday season. Let’s talk about some of the most meaningful ways to give back and bring joy to others as we celebrate the season. Continue reading
How and When to Seek Help.
Seniors who planned well for retirement – or who think they have planned well for retirement – may discover after retirement that their nest egg is not going to stretch as far as they had hoped. As we age, our costs tend to increase, especially where healthcare and other medical needs are concerned.
Even for those who have excellent health insurance and long-term care insurance plans, all it takes is one unexpected expense to derail your retirement plan. When that happens, there are a number of assistance programs available to seniors and boomers.
Let’s discuss some of the options available to seniors and boomers who find themselves in this situation, and the best way to overcome the feelings and beliefs that may prevent them from asking for the help they need.
Who are the Boomers?
The generation dubbed the “Baby Boomers” includes those born between 1946 and 1964. In general, boomers are believed to be a generation of optimists who believe in achievement. Boomers also lean toward adventure and exploration, and have lived through some of the greatest social changes in U.S. history. Continue reading
Top 3 Expenses and How to Manage Them.
One of the scariest things about retirement can be the fear of not having enough money saved in your budget to meet your ongoing needs during the senior years. While social security provides a monthly stipend for seniors, it often is not enough to cover all of our financial obligations post retirement.
According to a March 2016 Money article, saving for retirement is not a strong point for most Americans. The Money survey polled Millennials, Generation Xers, and Boomers and discovered that fewer than 56 percent of Americans in all three age groups had saved less $10,000 toward retirement. Even worse, one-third of Americans polled said they had no retirement savings at all. Women were 27 percent more likely to have no retirement savings than men, which is bad news considering women generally have more medical expenses than men as they get older.
Financial advisors recommend saving six to nine times your annual salary in order to be better prepared for the finances needed in retirement. So what do you do if you are among the 56 percent of Americans lacking confidence in your amount of retirement savings? Read on to get tips and tools to combat the most common “senior strains.” Continue reading