Let’s face it: you’d be hard pressed to find a grandparent anywhere who won’t admit to the pleasure of spoiling the grandkids. Whether it’s unlimited trips to the ice cream shop or no-budget toy shopping, Grandma and Grandpa love saying “yes” to just about every request that comes from their grandbabies’ mouths.
Have you suddenly found yourself with a large sum of cash? Perhaps your windfall was expected, such as from a business sale or inheritance. Maybe it is a pleasant surprise from a large bonus or lottery win. Regardless of how it came to be, there are some critical steps you need to take to protect the windfall now that it is here. It starts with gathering the right team of advisors, working together to ensure that for you, more money does not mean more problems.
Losing a spouse or partner is a dramatic and emotional experience that can have a serious impact on the financial health of the surviving spouse. Financial planning and investment management needs vary dramatically depending on what stage of life the surviving spouse is in. Over the years, we have worked with many clients who have unfortunately lost spouses at all stages of life. Death is not universal, nor are the financial steps to take in its wake.
Nothing guarantees there will be sufficient money to cover all costs in retirement. But there are some common mistakes to steer clear of as you grow older.
As parents, we never endeavor to become a burden to our children. This is why having a plan for aging in place before the time for care comes is important, as is knowing the resources available to individuals and caregivers to help alleviate some of the burden.
I recently downsized from a larger home in a New Jersey suburb to smaller quarters closer to Manhattan. Anecdotally, I noticed many times in my former neighborhood that on the same day families would post “Congrats to the Graduate!” yard signs, “For Sale” signs would often appear right next to them. My wife and I had been thinking about downsizing for years to eliminate the burden of property maintenance and simplify our living situation, but the task itself was a bit daunting.
When married couple Mara, age 67 and Lou, age 70, started thinking about the next phase of their lives they knew change was in their future. After raising three children and taking care of a large home for many years, they were ready to move to a community where the property would be maintained for them. They realized that living independently for the rest of their lives, while appealing in theory, might not be realistic.
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