The Talk to Have With Your Kids Before You Retire
Baby boomer parents need to add an important item to their retirement checklist: A conversation with your kids to discuss how your life will change in retirement.
It can be uncomfortable for some parents, but you need to prepare your children for your impending retirement. “It’s important to start financial discussions early in retirement,” says Dana Anspach, CEO and founder of Sensible Money in Scottsdale, Arizona. “If you’ve established open lines of communication, it makes things easier in later years when cognitive decline can impact decision-making."