A recent Wall Street Journal piece (June 11, 2012) chronicled the reality that baby boomers may be facing less than optimal expected inheritance from their parents. Why? It seems, as we all know, our parents are living longer and using up much of that nest egg for their own care. Add to that the reality of the post 2008 economic downturn, which has impacted all of us, and you have a recipe for concern. To add to the “concern”, we also have the reality that many of the “boomer generation” is also heavily engaged in dealing with our own children, many of whom are finding it difficult to find work.
I know some of this first hand. In the 1980′s, I remember sitting with a financial advisor and creating an annuity for my mother which would guarantee her a steady income for years. Funny thing, my mother lived well into her 90′s and outlived her money. I know that many of you share this journey and know the stresses that this can cause. Yes, just at the time when we should be feeling secure in our own financial world, we are more anxious as to how to continue care for a parent, be “there” for our kids and grandchildren while trying to save for and plan for our own transition from full time work.
I have found that taking the time to sit with a financial expert can make a difference. I do not profess to have any expertise in how to manage money. The complexities of the current financial world are so profound that it is a blessing to be able to have someone who can make sense out of all of the possibilities. I have even suggested this to my daughter and son- in- law. In the middle of this financial and familial transition, it is often necessary and prudent to seek the advice of a trusted expert. There is security in having a plan that is tailored to you and your needs. Our lives are so stressed and pressured that any way that we can find to lessen those pressures is a blessing.
Rabbi Richard F. Address, D.Min