Family and Relationships News, Information and Guidance

Family and Money: Tips for Discussing Finances With Your Loved Ones

The holidays are upon us. Thanksgiving, Christmas, New Years and the all of the other seasonal celebrations mean family gatherings. While the focus should be on love, catching up, food and celebrating, holidays may be the only time to have face to face time with your children, parents or siblings. And, it may be a…

social security strategy

Social Security Strategies: 15 Easy Tips for Making the Best Decisions

Signing up to start Social Security is simple. However, finding the right Social Security strategy for you can be complicated but VERY worthwhile. Here are 15 tips for making the best Social Security decision: Social Security Strategies For Almost Everyone 1. Delay the Start of Benefits for As Long As Possible This Social Security strategy…

divorce after 50

Divorce After 50: Don’t Let ‘Gray Divorce’ Ruin Your Retirement

Gray divorce — divorce after 50 — can really cramp your retirement lifestyle. When you say ‘I do,’ your personal finances may not be the first thing on your mind. But the truth is, couples who get married and stay married have benefits that single people simply don’t, such as being able to split up…

Podcast: Cameron Huddleston — Mom and Dad, We Need to Talk

Episode 28 of the NewRetirement podcast is an interview with Cameron Huddleston, an award winning personal finance journalist and author, about her experience planning for and caring for aging parents. Her work has appeared in Kiplinger’s Personal Finance, Business Insider, Chicago Tribune, Fortune, Huffington Post, Money, MSN, USA Today and many other publications. A mom…

Empty Nest

Empty Nest? Why It’s Still Not So Easy to Fill Up Your Retirement Nest Egg!

So, what type of empty nest parent are you?  Are you: Super proud that they are setting out on their own? Still supporting them financially? Relieved and happy to have more time on your own? Sad and lonely that your children have flown the coop? Guessing that they’ll be back shortly? Shrewdly calculating how much…

The Retirement Calculator for Married Couples (or Any Couple)

Retirement planning is complicated.  Retirement planning when you are married — or part of any kind of committed couple — is doubly complicated.  You need to use a retirement calculator for married couples.  Or, a retirement calculator for couples. When you are part of a couple, there are literally double the financial considerations. Furthermore, your…

fund college education

How to Fund College Education When You Are Trying to Retire

College costs can feel overwhelming — especially if you are trying to retire sometime soon (or even just save for a future retirement). How to fund college education is a critical question and families need to explore all of their options. You are not alone if you are worried about paying for both big expenses…

Is Your Future Bigger Than Your Past? The Surprising Age When Happiness Peaks

You probably looked at your parents’ and grandparents’ retirement as times of slowing down.  But, if you are in your 50s, 60s and even 70s or 80s, I am willing to bet that is not how you feel about your own future. Now — the age of retirement — is an exciting time to restart…

Friendships Across Generations: The Powerful Benefits of Younger Pals

You have probably read about the perils of loneliness as you age. And, how feeling alone can actually reduce your life span by as much as regular smoking does. However, did you know that some research suggests that it is not just a matter of having relationships, it is also who your friends happen to…

family and retirement

Family and Retirement: 5 Reasons Why Your Loved Ones Might Be a Major Risk to Your Retirement Security

Saving for retirement can be an incredibly difficult task, especially when your path is filled with hurdles such as job loss, rising inflation and debt. One obstacle you may not think about is your own family. Juggling family commitments makes it hard for many adults to save for their own financial future and forces many…

how to survive retirement with your spouse

8 Topics to Tackle if You Want to Survive Retirement with Your Spouse

Before you got married, you probably discussed where you wanted to live, whether or not you would have kids and your general hopes for the future. Before you bought a house, you and your spouse talked about where would be best, what size home you hoped to acquire and more. Before you had kids, you…

giving money to family

Giving Money to Family? Are You Handing Out More or Less than Average?

As if saving enough to pay for your own retirement isn’t worrisome enough, research from Merrill Lynch and Age Wave suggests that most people over 50 (6 out of 10 in fact) are providing financial support to family members in need — either on a one off basis or as continuing regular support.  Giving money…

retirement disadvantage

Are You Female or Married to One? The HUGE Retirement Disadvantage You Will Face

While there are lots of benefits to marriage, if you are a woman or you are married to one, you face a a huge retirement disadvantage — a significantly steeper climb toward having adequate retirement savings. A new study from TIAA estimates that in order for two recent college grads to have the same amount…

adult children

Your Adult Children Want to Help with Your Retirement

Your adult children want to help you as you age. However, they need you to be open to giving them details about what’s to come, according to the Fidelity Investments Family & Finance Study.  The study also found that whether you think you are communicating or not, the kids are not hearing you… (Alas, some…

4 Ways to Help Your Grandchildren Financially

Once you have solidified your own retirement plan and have saved enough, you may find yourself wanting to help your grandchildren. You might want to lessen their financial burden by paying for college or reward them for meeting various goals. 1. Gifting Giving money is one way to help your grandchildren. If you are in…

retirement planning for women

5 Secrets of Retirement Planning for Women (Wives, Moms, Daughters)

Retirement planning for women — wives, daughters, mothersBoth women and men continue to save money for retirement in their 401(k)s at the same rate, but due to many factors, women — you, your wife, your daughter, your mother — are less financially prepared for retirement than men, according to recent research from Aon Hewitt. Of…

straight talk

4 Reasons Why Straight Talk About Retirement Can Give You a Better Future

It’s taboo. It’s not polite. It’s personal. These are all things you’ve probably heard when it comes to talking about money. Keeping your lips sealed about your personal finances is pretty common, but your financial future may be in jeopardy if you’re not willing to have a straight talk about retirement planning. Straight talk about…

grandparents

7 Facts About Grandparenting from Leslie Stahl’s New Book

Lesley Stahl knows a lot about a many different things.  As a long time journalist — most notably for “60 Minutes,” she has covered Watergate, President Reagan’s assassination attempt, the Gulf War and many of the historic events that have shaped our world. However, of everything she has experienced in her life, becoming a grandmother…

Expert Interview Series: Multi-Generational Households in Retirement

Have you ever considered living in a multi-generational home? According to the U.S. Census Bureau, a multi-generational family is defined as “those consisting of more than two generations living under the same roof.” If you enjoy being around family and you’re planning for retirement or nearing retirement age, multi-generational living might work in your favor….

Christmas or Retirement

Christmas or Retirement? Put Your Holiday Spending in Perspective

The holidays are right around the corner, and while that involves the excitement and cheer of family get-togethers and festive parties galore, for many it also means the financial stress of buying presents for their children. The majority of parents spent more than they intended on their kids during last year’s holiday season, according to…

long term care

What Do the Wealthy Fear About Retirement?

It turns out that wealth in retirement doesn’t necessarily rid you of certain troubles and concerns. In fact, investors who have at least $1 million in assets are most worried about burdening their children later in life. We probably all share this fear no matter our financial circumstances. Take Action to Avoid Consequences The weird…

multi generational

Seniors Are Learning Technology from Younger Generations

There’s something powerful about knowing that it’s never too late to learn something new. It can be as simple as putting yourself out there and welcoming new experiences. Want an example? Saffron Cassaday, Director of the Cyber-Seniors Documentary, has inspired a national campaign called Connecting Generations. Her campaign looks to connect young mentors with older…

eldercare

40.4 Million Americans Provide Unpaid Eldercare — At a Huge Cost to Their Own Finances

Do you provide care of an older relative or parent? If so, you’re probably among the 40.4 million Americans who provide unpaid eldercare. Eldercare providers are defined as those provide unpaid care to someone age 65 or older. This population typically needs care because of conditions related to aging, and can range from providing household…

The Costs to Your Retirement for Being a Caregiver

Caregiving takes an emotional, physical and financial toll. Whether you are caring for an aging parent, your own child or both, here are articles and resources to help you with the burden. Here are some caregiving resources: The Family Caregiver Alliance Caregiver Action Network Information on Cargiving from the U.S. National Library of Medicine Caring.com’s…

Retirement planning

Do You Want a Retirement Job Caring for Your Grandkids?

You spend most of your adult life planning for retirement. You might also spend a lot of time thinking about one day having grandkids. But what you might not predict is a phone call asking whether you’d be interested in a new job – that of child care provider for the newest family member. Men…

Boomers Have a Retirement Problem: Boomerang Kids – An Adult Child Living at Home

Baby boomers who are still financially supporting their adult children (a group called boomerang kids) are increasingly finding that doing so is keeping them from reaching retirement, a new study shows. In fact, only 21% of baby boomers who support their adult children are retired — compared with 52% of boomer households whose adult children…

Personal finance

Expert Interview with Ray Advani of Tie the Money Knot on Personal Finance and Relationships

There are plenty of personal finance sites out there that tell us how to save, spend, borrow and invest money, but Ray Advani says there aren’t too many that discuss how these things are impacted by relationships. That’s why he started Tie the Money Knot back in 2012. He wanted to start a conversation about…

Retirement Planning: How to Invest Money from an Inheritance

Over their lifetimes, baby boomers are estimated to receive inheritances totaling $8.4 trillion — undoubtedly leaving this generation with the question: What should I do with my inheritance money? The answer: Invest in your retirement. While $8.4 trillion might already be on the way, another $3.2 trillion is expected to add to that, when taking…

Family Caregiver? 5 Tips for Keeping Your Own Retirement Plans on Track

The costs of being a caregiver can be overwhelming.  There is the extreme emotional turmoil but there are also serious financial concerns — from money spent out of pocket and from time spent caregiving instead of earning income. As many as 30% of caregivers spend more than $10,000 per year on a loved one and…

The Best Investments for Children and Grandchildren: Consider a 529 Plan instead of Retirement Plan Withdrawals

Many grandparents and parents strive to help their children pay for college. But there are smart — and not-so-smart — ways to assist them. The gratification of being a grandparent stems from the ability to help shape another generation, according to an AARP survey of grandparents’ insights and spending habits. Part of this gratification comes…

The Sandwich Generation Issues: 3 Ways to Alleviate the Stress

Many are familiar with the nicknames given to different generations, from the Greatest Generation to the Baby Boomers and Gen Xers. But a growing number of people are now getting acquainted with what’s being called the “Sandwich Generation”—the cohort of Americans who have dependent children along with elderly parents. Members of the Sandwich Generation are…

Want to Pay for Your Grandchildren’s Education? Here’s How to Make it Happen

Nearly three-quarters of grandparents think it’s important to help their grandchildren pay for college, according to new research from Fidelity Investments, but the ability to financially contribute to college education requires planning ahead. Many grandparents value college education and believe it’s an important component for providing young people with the best opportunity to succeed, indicates…

Can You Loan Money to Family Without Regret?

How to Mix Family and Money Successfully The Wall Street Journal, October 14, 2013 Everyone knows that mixing finances and family will, in most cases, end up seeming like a bad idea.  Ironically, it seems that whenever someone needs money and the bank cannot help them, family members are who they will turn to first. …

Texas Tech Partners with NewRetirement.com

New partnership provides Texas Tech students real-world experience. Written by Callie Jones Texas Tech University’s Personal Financial Planning (PFP) department, housed in the College of Human Sciences, has partnered with NewRetirement.com for a unique opportunity that allows PFP students to answer retirement-related questions asked by users of the site. Students do not give advice pertaining to…

What to Do When Your Siblings Are Taking Advantage

“When it comes to caring for your aging parents, do you ever feel like your siblings are putting too much of the responsibility on your shoulders? Whether it’s day-to-day care tasks or paying the bills, if the division of labor is making you angry, it’s time to take action. Find out what the experts advise.”…

The New (Old) face of American Homes?

Since the end of World War Two, the single family, suburban home has been the centerpiece of the American Dream, but as we all so easily forget, the time since the end of World War Two has been anomalous in more ways than one.  The suburbanization of America and the development of the single family…

The Best Senior Dating Sites Online –Dating Networks Grow in Popularity for Boomers and Other Retirement Age Americans

While we at NewRetirement are mostly focused on the financial aspects of growing older, a successful retirement generally means overall fulfillment and dating is an increasingly popular activity among older Americans. With extra leisure time, it is no wonder that seniors – many of whom have lost or divorced spouses – are looking to spend…

Shack Up and Save? – There are Financial Advantages and Disadvantages to Marriage Later in Life

More and more couples over the ages of 60 are favoring cohabitation over marriage.  The decision is usually financially driven. According to the U.S. Census Bureau, the number of 60 plus unmarried partner households grew 14 percent over the last three years. Social Security is probably the biggest financial issue for deciding to live together…