Financial Planning Goals For Retirement When You Are Helping to Support Your Parents and Your Kids

It’s a conundrum that many families face: “How can I take care of my children and my parents, financially, while effectively investing for my retirement?” If you are in this situation, you know that your financial planning strategy may need adjustments during this stage, but with the right plan you can still be on the path toward your retirement goals while also helping loved ones.  Here are some important tips while you navigate a few seasons of life:

Communicate Often

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Planning for Retirement When You’re 10 Years Out

A big part of planning for retirement is determining exactly what you’re going to have to count on, financially, when you stop drawing a regular paycheck. This includes pension plans, your savings, earnings from investments, etc. If you’re 10 years away from the date you want to retire, many experts will say you need to have 75% to 80% of the money you’ll need already saved up. However, it is never too late to develop a strategy for your retirement.

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On the Road to Financial Wellness

Did you know the word “wellness,” while having been coined in the 1600s, didn’t really appear in the American lexicon until the late 1970s? It defines a lot more than physical wellbeing. Today, wellness lends itself to a number of meanings, including financial wellness, which is about everything from income to credit scores to the stress we incur due to finances.

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How Does Changing Careers Later In Life Affect Planning for Retirement?

Flashback for a moment. The Great Recession during the early 2000s was life-changing for many members of the workforce. Nearly 8.7 million people lost their job over that roughly three-year period and had to make several new transitions. Enrollment at four-year universities, community colleges and technical schools spiked as people prepared themselves for a career switch. That means their planning for retirement also changed.

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