Welcome to this episode of Explain It to Me! Today, we’re diving into a topic that’s on many minds: talking to your boomer parents about retirement amidst today’s economic uncertainties. Financial stress is real, as noted by Washington Post columnist Michelle Singletary, who says, “Like many people, I’m stressed to the max.”

If your parents are nearing retirement, it’s crucial to have open conversations. Start by expressing your own concerns: “I’d love to talk to you about this because I’m a little worried.” This invites them to share their position without feeling confronted.

For those approaching retirement, Singletary advises creating a retirement budget and identifying any shortfalls. Consider if housing can be adjusted, like having a roommate, to alleviate financial pressure. Cash is king right now—stockpile savings for unexpected situations, and avoid new debt.

If you’re worried about helping your parents financially, develop your own budget first to ensure your security. Once stable, consider setting up a fund to assist them if needed.

Lastly, if you or your parents are feeling antsy due to market fluctuations, remember: “Good advice is timeless.” Avoid rash decisions based on emotion and stick to a steady course. Listen to your concerns but don’t let panic lead your choices.

Join us next time for more insightful conversations!
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