There is much to consider when you are planning your retirement. Calculating important numbers like how much you’ll need, working with a financial planner to select the best plan, researching health insurance options if you will no longer be covered by your employer, making investments, reallocating funds in your portfolio – all of these are important boxes to check on the long list of items that will help you transition to a comfortable, abundant new lifestyle. These are indeed a lot of to-dos to juggle, and they will likely command more and more of your time and attention as retirement draws closers. However, there is another important priority to address on the matter: discussing the transition with your children.
Tips on Broaching a Potentially Difficult Topic
This is an important step for many reasons (more on those in a moment), but it can be a difficult topic for some families to discuss. Some people feel uncomfortable talking about money, while others recoil at the thought of discussing the finality of life. If you think you may have difficulty bringing up the topic, perhaps try starting early by bringing up your retirement timeline as early as possible, reopening the lines of communication with other topics, or breaking up the conversation into discrete chunks.
Why This Discussion is Important
While they do not apply to everyone, here are a few reasons why discussing your retirement with your adult children could be beneficial.
- You can share how will affect them. Being a supportive parent is a wonderful thing, but it should not come at the cost of your own comfort and financial security. When people with children retire, those who support their adult children often realize that they can no longer do so in the same way (or even at all). Having a candid discussion can prevent a surprise down the road and help maintain goodwill.
- You can help them plan their retirement. By openly discussing the steps you are taking to retire successfully, you can not only share what is going on in your life, but also start helping them plan for theirs. For example, if there was a retirement fund you wished you had contributed to more, you can suggest that they start doing so. You have gained much wisdom, and this is an opportunity to share it.
- Give them peace of mind. Many children worry about how their parents will fare during retirement. This conversation can serve as an opportunity to tell them more about what your life and finances will look like during this exciting new chapter as well as address any concerns that they might have.
Are you yourself worried about how you will fare during retirement? You are not alone and many new retirees and people nearing retirement age worry about living on a fixed income. Fortunately, resources like Reverse Mortgages can help provide invaluable extra sources of income without high interest rates or immediate payback.
Learn More About a Reverse Mortgage Today
Contact Retirement Home Equity Advisors today to learn more. We are a team of licensed specialists located in Gilbert, Arizona serving senior homeowners throughout the States of Arizona, California, and Colorado. We can help you strategically leverage your home equity to decrease risk and improve financial stability throughout your retirement.
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