Tuesday, October 14, 2014

Boomer Watch: Boomer's Finances - From Your Children To Your Retirement

Not all boomers are focused on themselves, despite challenging years ahead, a lot of boomers are still focused on providing for the needs of their children, particularly education. Financial planning can be very complex, the needs of each boomer is unique so you have to create a plan that will best meet your needs.

Photo credit: http://money.usnews.com/

Even during retirement years, when boomers already have ceased from working and their income is very limited, they still would want to pass along a sizable portion of wealth to their children, leave a legacy to them.

Are you one of these boomers who are juggling and struggling to balance their savings to provide for the needs of adult children? How do you handle and deal with this situation?

The key is to know your priorities, and plan for it. Remember that if your children needs college education, they can apply for scholarship or even take out loans. But there is no scholarship nor loans for retirement, risks like health and long-term care can be devastating to your finances. NJ.com share an article on when is the right time to turn your financial attention from your children to your retirement. It will provide boomers with insights regarding this important decision so they can retirem comfortably.

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