Real Life Retirement™ Services
Managing a parent's finances and healthcare
- Don't become emotionally attached to stocks; if it's time to sell, then sell.
- Address the financial burdens of family members early to avoid inheriting them yourself.
- Have a plan for retirement, but be flexible if things change.
- Retired early with investments in tech; went back to work when stocks declined.
- Mother has health issues and lives with her; Kathleen is thinking ahead about her care.
Kathleen was a saver and an investor. She did well enough to retire early, but when the tech bubble burst in 2000, she needed to switch gears.
I worked in technology, invested heavily to tech stocks and did well. I retired in 1995. I didn't think those stocks would fall; by the time I realized they would not come back, it was too late to get out. I realized it was necessary to go back to work.
Her mother's late financial planning and medical bills took a toll on Kathleen's savings.
My mother has no financial resources. When she was 50, I sat her down to discuss her retirement plan. She started saving then—and that was late. Her Alzheimer's has gotten to the point where she can't be alone, so she is living with me. When I can't take care of her anymore, we'll turn to Medicaid. Priority #1 is to pay off bills associated with her care; then I will contribute to my IRA again. I might retire again at 59½—maybe at 62, when I can take Social Security. Or I could keep working. There are unknowns; I used to speak in absolute terms about my plans, but now I know things change and I have to adapt.
Take the Next Step.
Let's talk about the retirement you want.
Call 877-673-7970 for your complimentary retirement consultation.
- Use our retirement calculator to see where you stand today.
We thank Kathleen for sharing what worked for her. Her words have been edited. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. Examples provided are for illustrative purposes only and not intended to be predictive of future results.
The types of financial transactions mentioned may not be suitable for everyone. Each investor needs to review a transaction for his or her own particular situation. Data contained here is obtained from what are considered reliable sources; however, its accuracy, completeness, or reliability cannot be guaranteed.
All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Examples provided,
including statistical simulations, are provided for illustrative purposes only and are not intended to imply future results you should expect to see. Past performance is no guarantee of future results.