Law Office Of William F Underwood - March 2018

Y our children turned to you for support all their lives. As babies, you provided them with food and shelter, and throughout their childhood, you guided them and led by example. But if you’ve continued to provide them with financial support into their adulthood, the lifestyle shift that comes with your retirement might come as a surprise to both of you. If your children are still dependent on you for financial support, it’s important to have a conversation about what might change with your retirement. It’s time to consider how your well- intentioned support will affect your retirement plans. Consider the Costs A study by Merrill Lynch and Age Wave found that, on average, parents over 50 gave their children a total of $6,500 a year. When you compare that 6K to your current income, it might not look like much, but consider what that amount could do if you invested it into your retirement. Diane Harris, a personal finance journalist, explains, “If, instead, you saved that much cash every year in a tax-deferred account averaging 6 percent annual gains, you’d have close to $100,000 more for retirement within a decade.” Make a Plan Once you consider what you’re contributing to your child’s lifestyle, you need to find out how it’s going to affect your Prepare Your Kids for FINANCIAL INDEPENDENCE In the days after a serious work injury, filing a workers’ compensation claim can be a confusing process. But if you follow these guidelines, you’ll give your claim the highest chance of success and minimize any doubt and frustration you may feel. Report your injury to your employer as soon as possible. Many workers find it uncomfortable or embarrassing to admit to their supervisor that they’ve suffered an injury on the job, but it’s an absolutely vital first step to receiving any workers’ comp benefits. Any delay in reporting an injury can be used as a basis to reject your claim. Report your injury to every medical provider you see. If you find yourself in a physician’s office of any kind in the months after your injury, it’s important to let them know when and how your injury occurred. When the insurance adjuster is reviewing your claim, they’ll check the records of every medical expert you saw as a result. Don’t allow room for any discrepancy. Carefully follow any directions given by your medical provider. If your doctor orders special tests (like an MRI) to determine the

ability to retire. It’s time to have the tough conversations. Before you talk to your kids, meet with your financial advisor and discuss your retirement goals. Your advisor can give you a reality check if your goals are not in line with your current lifestyle and tell you what needs to change to get them there. The Talk After your meeting with your advisor, it’s time to talk with your children. Explain how your retirement plan is going to affect them. It’s best to be honest and transparent. Let them know that this isn’t about your feelings for them and give them time to process the information. Remember that even if your retirement has been top of mind for you, it may not be on their radar. Erin Lowry, author of “Broke Millennial,” reminds us, “Adult children can’t be expected to know how ongoing support is affecting your finances if you haven’t talked to them about it.” If you can help them understand how the change will impact them and maybe even help them plan for it, you can open up that conversation and reduce tension around it. Instead of looking at the end of financial support as a loss, frame it as an opportunity. It’s an opportunity for your child to find financial independence, and while the journey can be rough, it will benefit everyone in the long term. full extent of your injury, undergo these tests as soon as you can. The same goes for physical therapy. Insurance adjusters may try to brush off the severity of your injuries, but if you have the results of an objective test on hand or weeks of documented therapy, it’ll be difficult to refute. Be wary of advice from your employer or insurance adjusters. You may trust your employer and their workers’ compensation insurance provider, but be aware that, at least financially, it’s in their best interest for your claim to be rejected. Many employers may very well be trustworthy, but it’s always wise to be wary. When in doubt, call a lawyer. There’s no getting around the fact that workers’ compensation is an extremely complicated field with all kinds of opportunities to get tripped up. To really give your claim the best chance, it’s important that you take any questions you may have to an experienced workers’ compensation lawyer. Call the Law Office of William Underwood at 229-888-0888 to schedule a free consultation, and let us steer your claim to success.

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