Page 7 - Talk of Tequesta - September '23

The Talk Of Tequesta, Page 7

financial focus ®

Retirees: Talk Finances

With Your Grown Children

By Sally Sima Stahl

When you’re retired, be needing their assistance. And if you are feeling some One final suggestion: Let your children know if you
you’ll likely have some financial pressures, you can inform your children of the already have a strategy in place to meet the potentially
financial concerns – just steps you are taking to improve your situation. high costs of long-term care, such as a nursing home stay.
like all retirees. However, One such step may be to reduce your cost of living – This burden is certainly something you won’t want your
if you’ve invested regularly the less you spend day to day, the better your ability to children to take on.
and followed a long-term preserve your investment and retirement accounts. You By informing your children about your financial
financial strategy, you should may be able to reduce costs in many small ways, such picture, and how you’re trying to improve it, you can ease
be able to address most issues as ending streaming services you no longer use, but you everyone’s minds – so keep the lines of communication
that come your way. But could make an even bigger impact by downsizing your open.
there’s one important action living arrangements. In fact, 72 percent of today’s retirees This article was written by Edward Jones for use by
that’s sometimes overlooked have downsized or are willing to downsize to reduce your local Edward Jones Financial Advisor, Edward
by retirees: sharing their their housing costs, according to the Age Wave/Edward Jones, Member SIPC.
financial situation with their grown children. And this Jones survey. Downsizing isn’t for everyone, but if it’s a Edward Jones is a licensed insurance producer in
knowledge can benefit everyone in your family. possibility for you, it may be worth considering because all states and Washington, D.C., through Edward D.
You might be surprised by the concern your children the savings could be significant. Jones & Co., L.P., and in California, New Mexico and
have for your financial well-being. Consider these You may also be able to reduce or consolidate your Massachusetts through Edward Jones Insurance Agency
findings from a 2023 study by Age Wave and Edward debts. Start by understanding how much and what kinds of California, L.L.C.; Edward Jones Insurance Agency of
Jones: of debt you have. Then, consider ways to lower your New Mexico, L.L.C.; and Edward Jones Insurance Agency
• 66 percent of millennials (generally defined as payments, such as refinancing. For example, if you’re of Massachusetts, L.L.C.
ranging from 27 to 42) worry that their parents or in- carrying a balance on multiple credit cards, you might be Edward Jones, its employees and financial advisors
laws may not have enough money to live comfortably in able to transfer the amounts you owe onto a single card cannot provide tax advice. You should consult your
retirement. with a more favorable interest rate. qualified tax advisor regarding your situation.
• 83 percent of millennials would rather know their Here’s another move to consider. Adjust your Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
parents are financially secure in their retirement, even if investment mix to possibly provide you with more income 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
it means their parents pass on less money to them. in retirement. During your working years, you may have
If you have children in this age range or older, or invested primarily for growth – after all, you could be
who soon will be, how can you address their concerns retired for two or more decades, so you’ll need to draw
and potentially improve your financial outlook? on as many financial assets as possible. But once you’re
Communication is the key. By openly communicating with retired, your investment focus may need to shift somewhat
your family about your financial status, you can reduce toward income-producing opportunities. Keep in mind,
anxieties and misperceptions. If you’re in good financial though, that you’ll still need some growth potential to
shape, your adult children may be reassured that you won’t help keep ahead of inflation.
Keep Kids Safe As They Head Back To School

Center For Child Counseling Launches smart choices in all areas as they become healthy, powerful Palm Beach and Martin Counties.
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and assault (rainn.org). Florida ranks third in the nation Layman, CEO for Center for Child Counseling. children and families in Palm Beach County since 1999.
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before it happens! Stay KidSafe!™ is available
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