Supporting aging parents
As you might be in a position to financially help your adult children, you could also find yourself helping your aging parents with money. Whether it’s about covering medical expenses, assisting with living costs, or simply keeping them in your home, it’s still financial aid.
If that’s something that deeply bothers you, it’s mandatory to communicate openly and honestly with your parents about their own financial situation and create a proper plan together. You might also want to look into the various resources available for elderly care and support.
Inflation
Even though it may not seem like a significant expense in the short term, it could have a great impact on your retirement savings in the long run. To deal with inflation, you need to make sure your retirement savings are invested in assets that have the potential to grow and keep up with inflation. You want to consider all your options, from working part-time during your golden years to having multiple income streams.
2 Responses
The worst cost is the ridiculous property taxes that the blue states have! NJ is the worst. That is a total waste of $$$!
I will sell my house in a split second. Worst decision I ever made was buying a house. Even though I have a low interest rate, I am sick and tired of being nickel and dimed to death with fees by my mortgage company.