It’s happening more and more often these days- parents are reaching
their early 90s just as their children have entered their retirement years.
These “children” are part of what is now called the Sandwich Generation; Baby
Boomers who need to learn how to retire while caring for both elderly parents and
young adult kids—Millennials who still need financial assistance. This new
trend threatens to squeeze Boomers’ finances and put their retirement nest egg
at risk—unless they learn how to navigate the looming pitfalls. Here are five
tips to help with just such a situation.
1.
Protect your retirement assets and put yourself
first; If your kids need help with tuition, help them apply for student loans.
If your parents are struggling, help them learn to stretch their assets.
2.
Anticipate your financial needs by increasing your
monthly reserve, in the case that your children move back home.
3.
Consider long term care insurance for you and your
parents. Price policies and learn what’s covered—it may help defray some of the
enormous expense of nursing homes.
4.
Research tax breaks for caregivers. If your parents
live with you for half the year, you may be able to pay for caregivers and
other expenses by claiming the dependent-care credit on your tax return or
contributing to an employer’s dependent-care flexible spending account.
5.
Set clear financial limits if kids move back.
Encourage them to work or pay some rent to help offset costs.
If you have
questions and would like to meet with a financial representative, Honor
Financial Group is a great first step.
Give us a call to set up an appointment today. And, don’t forget to follow Honor on Twitter
@honorcu! Tweet us and let us know what
you want to hear us talk about on Mason Jar Monday next week using #askhonorcu!
Securities offered through LPL Financial, member FINRA/SIPC.
Insurance products offered through LPL Financial or its licensed affiliates. Honor Credit Union and Honor Financial Group
are not registered broker/dealers and are not affiliated with LPL Financial.
Not NCUA Insured -Not
Credit Union Guaranteed -May Lose Value 
No comments:
Post a Comment