My parents are both recently retired, and my husband's parents are retiring next year. Both are married, own their homes outright, and have healthy portfolios (by rural Midwest standards, to give some relative context).
2 of the 4 are in poor health, 1 is in excellent health, and 1 is in good health.
We live half a country away currently, and at times, on a different continent. For several reasons, we do not anticipate having any of them move in with us for elder care to be a wise move.
What do you point people to consider - both the parents and their adult children - when aiming for protection and preservation of generational wealth against extended- and end-of-life care?
I also liked the part about how money planning isn't only for rich folks. It shows how crucial having a good money plan is for reaching any money goals, no matter how big or small.
This story causes more concern for me than anything. Primarily because Colorado is now past the point where she can live out her life comfortable in retirement. It is evident that unfortunately she now needs to both continue to work as well as cut back on her spending. In this country it is incredibly hard to force people to do something such as take a class about managing money before its too late. However, this story forces me to think about the possibility of making this type of information more mainstream or almost a part of common knowledge. It seems impossible to achieve but could there be any measures taken to help manage the number of people that end up like Colorado?
Colorado's story, got me thinking about the real-world messiness of personal finance, especially post-divorce. It's relatable and raw, showing us that anyone, not just the well-off, could use a hand in navigating their finances. The lessons here are eye-opening, planning for the future isn’t just about the numbers—it's about understanding your resources and how they fit with your life goals, like whether to take Social Security early or hold off for bigger benefits later. If you were in Colorado’s shoes, how would you prioritize your financial planning, by cutting expenses, extending your work life, or a mix of both?
Colorados budget strategy emphasizes the importance of discretionary spending and the need for significant cost cutbacks. I am wondering why these cuts are so important and how they would help Colorado achieve their financial goals?
I think Colorado serves as an example of how important it is to be flexible and willing to adapt a financial plan. It is hard to account for certain circumstances and contemplating different scenarios as it relates to savings and retirement age is a healthy way to approach ones finances.
I like the line about how financial planning and guidance isn't just limited to the wealthy. This case really shows how important having a proper financial plan is if you want to achieve any financial goals in life, no matter how big or small they may be.
My parents are both recently retired, and my husband's parents are retiring next year. Both are married, own their homes outright, and have healthy portfolios (by rural Midwest standards, to give some relative context).
2 of the 4 are in poor health, 1 is in excellent health, and 1 is in good health.
We live half a country away currently, and at times, on a different continent. For several reasons, we do not anticipate having any of them move in with us for elder care to be a wise move.
What do you point people to consider - both the parents and their adult children - when aiming for protection and preservation of generational wealth against extended- and end-of-life care?
Thank you.
I also liked the part about how money planning isn't only for rich folks. It shows how crucial having a good money plan is for reaching any money goals, no matter how big or small.
This story causes more concern for me than anything. Primarily because Colorado is now past the point where she can live out her life comfortable in retirement. It is evident that unfortunately she now needs to both continue to work as well as cut back on her spending. In this country it is incredibly hard to force people to do something such as take a class about managing money before its too late. However, this story forces me to think about the possibility of making this type of information more mainstream or almost a part of common knowledge. It seems impossible to achieve but could there be any measures taken to help manage the number of people that end up like Colorado?
Colorado's story, got me thinking about the real-world messiness of personal finance, especially post-divorce. It's relatable and raw, showing us that anyone, not just the well-off, could use a hand in navigating their finances. The lessons here are eye-opening, planning for the future isn’t just about the numbers—it's about understanding your resources and how they fit with your life goals, like whether to take Social Security early or hold off for bigger benefits later. If you were in Colorado’s shoes, how would you prioritize your financial planning, by cutting expenses, extending your work life, or a mix of both?
Colorados budget strategy emphasizes the importance of discretionary spending and the need for significant cost cutbacks. I am wondering why these cuts are so important and how they would help Colorado achieve their financial goals?
Really puts into perspective that it may not always be about how much you make, but how you spend/save
I think Colorado serves as an example of how important it is to be flexible and willing to adapt a financial plan. It is hard to account for certain circumstances and contemplating different scenarios as it relates to savings and retirement age is a healthy way to approach ones finances.
I like the line about how financial planning and guidance isn't just limited to the wealthy. This case really shows how important having a proper financial plan is if you want to achieve any financial goals in life, no matter how big or small they may be.