Swerdloff Law March 2018


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.

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 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.

Between spending time with family, working, and juggling multiple schedules, finding a moment to take care of yourself can be a challenge. Where can you go when you’re seeking peace? Surely you’d have to book an exotic vacation just to get away from it all, right? As it turns out, the solution may be closer than you think. Call it a retreat center, a spa, or a place of learning, but at its essence, Esalen transcends these labels to offer ultimate relaxation. Nestled between the gushing waters of Big Sur and the Santa Lucia Mountains, Esalen is a beautiful place to spend a day or fully soak in its tranquility over a long weekend. Located at the base of a natural hot spring, Esalen offers up a menu promising many pathways to relaxation. The healing treatments range from soaking in the Your children turned to you for support all their lives. When they were 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 both of your futures. CONSIDER THE COSTS A study by Merrill Lynch and Age Wave found that, on average, parents over 50


natural hot springs, to massages, to mind and body classes and workshops.

a great environment for relaxing, but they are also said to have healing properties.

Slip into one of the naturally heated baths overlooking the waters of Big Sur and let your attention fall away from the stresses of the outside world. Originally used by the Esselen Native American people who lived in the area, the waters are not only

Whether you visit Esalen for a day or a weekend, call ahead to schedule a bath or massage appointment. Check out their schedule at Esalen.org if you’re interested in reserving your spot, and soak in the healing magic of Southern California.


www.lawwithasmile.com • 310-577-9104

Published by The Newsletter Pro • www.newsletterpro.com

Made with FlippingBook - Online catalogs