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Summary: Hello Boomers Magazine
Reporting on the life and times of the baby boomer generation.
Tips For Having ‘The Money Talk’ with Aging Parents
Today, women are not only establishing themselves as the CFO of their households, but they are also instilling financial values in successive generations in order to help prepare them to do the same. According to Women & Co. research, two-thirds of women consider themselves CFO of their household, and 86% of mothers say they are passing along their knowledge and teaching financial lessons to their children. But it’s not just the next generation who are benefiting from this wisdom, increasingly we are seeing the scope of women’s financial influence broadening to another important generation: their parents. Having a conversation about finances with aging parents is an important conversation to have to make sure they are prepared, but it isn’t always easy. Still, the time to have this money talk is while they are healthy – not at times of crisis. By beginning the conversation with an indirect approach, such as talking about your own situation, a mutual acquaintances situation, or even a recent headline you can help set the stage for a more comfortable and less-emotional conversation. President and CEO of Women & Co., Linda Descano, CFA®, offers the following tips on facilitating the conversation: Know where important documents are. [...]
Tips For Having ‘The Money Talk’ with Aging Parents is an article from: Hello Boomers Magazine for the baby boomers and the baby boomer generation
Will You Need Long Term Care?
By Ron Pollack, Executive Director, Families USA, March 2011 It’s nearing tax time, and that’s a good time to think about financial planning. And when you make financial plans, don’t forget to include long-term care needs you or your spouse might have in the future. Long-term care is expensive, and Medicare does not cover the costs. And there are other reasons to plan ahead, to learn about your options for care before you need help. That way, if you need care suddenly, you and your family won’t have to scramble. Equally important, you won’t end up in a nursing home just because no one knew alternatives were available. Long-term care isn’t only about nursing homes. There are many options for care and support that can help you stay at home longer or even avoid a nursing home altogether. The “home- and community-based services” that can help you stay at home range from homemaker help, such as help preparing meals, to care provided by health professionals like nurses, and a lot in between: personal attendants can help you with daily activities and adult day services and respite services can give family caregivers a needed rest. You may want training to learn [...]
Will You Need Long Term Care? is an article from: Hello Boomers Magazine for the baby boomers and the baby boomer generation
Boomers Retirement Planning Resources
Are You Your Retirement Plan’s Worst Enemy? Central to their retirement plan was downsizing their house and reducing their spending. But there were children and grandchildren who they would miss once they had moved to Florida. They would want to make sure they were all comfortable when they … online.wsj.com It pays to be a little paranoid with your retirement plan “Paranoia pays because it is the opposite of overconfidence,” Benoit Poliquin, chief investment officer of Exponent Investment Management, says about planning for retirement. Say you are 30 and you feel it’s time to think about retirement in three … business.financialpost.com Retirement Planning Tips For Women The retirement income needs for women are similar to those that apply to men; however, there are some factors that make it more challenging for some women to achieve their retirement planning goals and objectives, particularly in the area of finance. www.sfgate.com Scott Burns: Reverse mortgages: Tool for retirement income plan Second, millions of retired homeowners are looking for ways to increase their retirement income. As a practical matter, I don’t see the cost reduction is that big a deal. Using an online calculator, I found that a reverse mortgage on a $250000 house [...]
Boomers Retirement Planning Resources is an article from: Hello Boomers Magazine for the baby boomers and the baby boomer generation
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