Are your adult children concerned about your finances? You might be surprised.
Consider this: 66 percent of the millennial generation worry that their parents or in-laws may not have enough money to live comfortably in retirement, according to a 2023 study by Age Wave and Edward Jones.
To help alleviate these fears, you should clearly communicate your financial situation to your adult children. If you’re in good shape, they’ll be reassured. On the other hand, if you’re feeling some financial pressure, you can inform your children of the steps you’re taking to improve your situation.
For example, you can look for ways to reduce or consolidate your debts. And you might even consider downsizing your living arrangements. Also, you might be able to adjust your investment mix to provide you with more income in retirement.
One final suggestion: Let your children know whether you already have a strategy in place to meet the potentially high costs of long-term care, such as a nursing home stay.
By informing your children about your financial picture, and what you may be doing to improve it, you can ease everyone’s minds — so keep the lines of communication open.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC