Having “the talk” with your kids is something most parents dread–but those years are not the only time you need to have a serious, life-changing chat with your children. As your retirement nears, talking to your children about it should be part of your Hawaii retirement planning process.
Why is Hawaii Retirement Planning a Process?
No one wakes up one day and decides to be retired. Having the kind of retirement that you want (and deserve) takes years of planning, saving, and investing. Retirement doesn’t just affect the retirees. It also has a big impact on their children.
Here are some things to discuss with your children as you plan and near your retirement.
1. Your Financial Stability
You don’t have to divulge your bank and credit card statements, but let your children know you have a solid plan in place and that you are not going to struggle. Your plan should include long-term care (if your health or that of your spouse is poor), life insurance, and estate planning.
Children worry about their aging parents, so letting them know you have worked through the financial details of your Hawaii retirement planning gives your children (and you) peace of mind.
2. Their Financial Security
It may not be viable for parents who help their children financially to continue doing so during retirement. If your children are accustomed to mom and dad providing free childcare, picking up groceries, bailing out credit card debt, or taking care of phone and auto bills, let them know that this will not be possible in the future.
A financial planner can help your adult children deal with their debts and cash flow. Remember, retirement is your reward for years of hard work, and it’s okay to put your financial needs first. Your adult children can and will learn to be financially independent with the right tools.
3. Final Planning
Death is not a comfortable topic, but talking about it helps everyone in the family to know where the life insurance papers are, which lawyer will handle the execution of the will, where to find and how to carry out your personal/advanced directive , how the estate will be handled, and so on.
Lean 2 Financial Provides the Hawaii Retirement Planning You Need
We know that Hawaii retirement planning is not a one-size-fits-all process. Each family has unique retirement needs. In addition to helping you plan for the retirement you want, we will coach you on some of the lesser discussed impacts of retirement, such as the conversations you need to have with your children.
Make your retirement everything that you want it to be with help from Hawaii retirement planning experts. Contact us today to get started.