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Money Monday: When family members reach out to you for financial help

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Aubrey Lee of Merill Lynch in Novi provides the following:

WEB SITE: The Aubrey Lee Jr. Group>>

According to a recent retirement study by Merrill Lynch Wealth Management, the majority of people aged 50 and older provide financial assistance to family members, yet the vast majority have never budgeted or prepared for providing this support. Factoring financial support and care for loved ones into retirement planning assists in ensuring long-term financial security. Quality planning for life after retirement is essential to the happiness and well-being of both baby boomers and their families.

In order to continue being as generous with supporting their family as baby boomers have been, they should consider planning their finances and retirement plans early. To get started, follow these tips for retirement planning.

1.        Ask yourself: "Are you the 'Family Bank?" The more financially responsible and secure you are, the more likely you are to be considered the "Family Bank," meaning someone extended family will most likely turn to for financial help. Look into helping family out responsibly by making sure you are not affecting your long-term goals.

2.        Prioritize. If you are the "Family Bank," make sure you balance your family needs with your own retirement financial security. Giving too much without accounting for your future needs may jeopardize your retirement-and ultimately require you to rely on support from your family.

3.        Anticipate and budget. Anticipate and budget for support you may provide to multiple family members-adult children, parents, siblings, and grandchildren - during your retirement. Also lay out what your personal goals are in retirement.

4.        Identify challenges. Recognize and plan for the unique challenges that blended family and divorce can have on retirement preparedness and family financial decisions. For example, a blended family may have to account for stepchildren's financial needs.

5.        Discuss, plan and coordinate. Discussing, planning and coordinating with family members around important financial topics prepares everyone for potential challenges, reduces emotional and financial costs and creates greater financial peace of mind for both yourself and your loved ones.

 

 

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