1. Caring for Grandchildren
Approximately 2.7 million grandparents are “parenting-again.” And of those, 36% of grandparents have been raising grandchildren for over 5 years. You may not think full-time parenting is in your retirement future, but it should be considered and planned for. Whether it’s a grandchild, or another child in your extended family that needs care, you need a long-term plan that will cover the daily expenses of providing for a potential new family member.
2. Assisting an Adult Child
Your adult child could need a cash infusion due to a job loss, an unexpected long-term illness, a poor investment, or another unfortunate financial decision. As a newly retired parent, you can provide a safety net and extend a financial blessing if you yourself have planned properly. Beacon Associates can evaluate your financial future and help you set yourself up to be able to provide financial assistance, in case of an emergency, to your adult children.
Divorce alone is devastating but to divorce near or during retirement can be even more overwhelming. The divorce rate for people over age 50 doubled between 1990 and 2010, from fewer than one in ten to more than one in four. In most cases, divorcing couples split assets in half during the divorce settlement. All of a sudden, what may have been plenty of money to live on during your retirement years doesn’t seem like much.
Don’t be SPOOKED by retirement stunners! Call us today to start planning for your retirement years and any surprises that may come your way. Through careful investigation, we will work with you to assess your current situation, recommend a plan of action that considers retirement surprises, and implement this plan with you.
Your team at Beacon!