| We last looked at financial planning ideas for people in | | | | and that I got my money's worth. |
| their 20s and 30s. Here are some tips to help you | | | | Don't cripple your children. Give them a foundation. |
| make sure that you are on the right track in your | | | | Let them move into adulthood with a sense of |
| 40s and 50s. | | | | responsibility. |
| The later family years - 40s | | | | Almost empty nesters - 50s |
| In our 40s, things won't change much. We still need | | | | By the time we reach our 50s, many families are |
| to be aware of our spending. We should be avoiding | | | | watching children go off to college, or move out on |
| and eliminating excessive debt, and maximizing our | | | | their own. We want to make sure that we review |
| retirement savings. Reevaluate all financial strategies | | | | our finances again to see that all needs are being |
| to make sure that they are still meeting the family's | | | | met. |
| needs. | | | | Look at your retirement accounts to make sure that |
| Most of the financial concerns are still related to | | | | they are not too aggressive. As you get closer to |
| family, but the children are older. With college around | | | | retirement, you want to shift toward being a little |
| the corner, college funding becomes an important | | | | more conservative. |
| matter. | | | | In reviewing the retirement accounts, ask yourself if |
| Although I've had many teens get upset with me | | | | you are on track toward the goal. Do you need to |
| over my advice to their parents, please hear me out. | | | | save more to help you become financially ready to |
| You are still free to make whatever decision you | | | | retire? |
| choose. I always tell parents not to sacrifice their | | | | Reexamine life insurance policies. With retirement |
| comfort in retirement in order to put their children | | | | nearby, the children out of the house and the |
| through school. | | | | mortgage balance reduced, you may be able to |
| I've heard several horror stories of parents | | | | reduce your coverage. You could also consider |
| refinancing their homes or foregoing retirement | | | | moving into a smaller home after retirement. Many |
| savings to pay for college, only to find out that their | | | | retirees downsize to cut back on expenses and |
| child is no longer interested in completing a degree. | | | | increase funds available in retirement. |
| While my parents did help me out financially, I did not | | | | Next time, we will look at the planning for ages 60 |
| get a free ride in college. I had a part-time job that | | | | and beyond. This group should be most concerned |
| supplemented other monies. Since I was helping to | | | | with the retirement years. Remember, the sooner |
| foot the bill, I had a much greater appreciation for | | | | you start the better, but it's never too late. |
| my classes. I wanted to make sure that I did well | | | | |