Most of us see the well-being of the family as the most important priority on our list of financial priorities. Not to worry, there’s no wrong in that; it can even be seen as wise. Even though a family’s dynamic may change, putting the family first will never change.
This is where “Family” may become a major part of retirement.
After bringing a child into the world, it’s a natural instinct to protect and provide for them as much as possible.
Furthermore, after a child has grown into an adult, part of their daily worries goes into their parents and how best to take care of them in their elderly years.
Family plays a huge role in how we plan our lives and how we manage our money. Our lives becomes about our family so our saving and retirement plan should be about our family.
There is so much to think about when it comes to retirement and family. Caring for elderly parents and children should play a role in your financial life. You want to be able to send your children to school and take care of yourself financially.
Whether you are caring for a loved one or you’re concerned that you may need care for yourself, the emotional and financial cost, can be heart-wrenching.
Plan for the unexpected by ensuring that there are reserve money for that rainy day. It's worthwhile to be prepared.
If you have time to plan, getting a long- term care policy well in advance, for either your parents or yourself, can help in being prepared.
Well, not having the adequate guide in planning for retirement may lead to you becoming a burden to your loved ones.
Saving can also help in preparing for family affair in retirement. Saving for both you and your family’s future, along with unforeseen challenges will help to avoid being drowned by family debts.
Families are a major source of enjoyment during our retirement years but our families can create unforeseen financial challenges. Very often, we plan for our retirement without considering how we might be called upon to help out our adult children, aging parents and siblings. In this day and age, where we’re experiencing an extended amount of longevity and increased family interdependencies, retirement planning is no longer about just an individual or a couple, but also about the needs and hopes of all our loved ones.
Family can be a burden to us but we can also be a burden to them?