Some 72% of retirees say one of their biggest fears is becoming a burden on their families, according to a 2021 survey by Age Wave and Edward Jones. What steps can you take to avoid burdening your loved ones in the future?
Here are a few suggestions:
First, do whatever you can to create your financial independence. Take advantage of your 401(k) or other employer-sponsored retirement plan. You may also want to contribute to an IRA.
Next, make sure you have adequate health insurance to supplement Medicare during retirement. And look for ways to protect yourself from the potentially huge costs of long-term care.
Also, work with your legal professional to create powers of attorney for health care and finances. These documents will enable someone to make decisions for you if you become incapacitated.
Finally, when you’re retired, evaluate your living situation. By downsizing, you could spare your adult children the responsibilities involved in clearing out and selling your home should you become unable to do so yourself.
By taking these measures, you can help put yourself in a place where you won’t burden your grown children. And that’s a good place to be.
This content was provided by Edward Jones for use by David Beerman, your Edward Jones financial advisor at 401 W. Oakland Ave, Suite 1 Johnson City, TN 37604
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