Helping Family With Unforeseen Financial Needs: This video discusses the risk of unforeseen financial needs of family members during retirement and provides steps to manage this risk. The importance of prudent retirement planning and considering potential assistance to family members is highlighted.
- Retirees may need to provide financial support to adult children, grandchildren, nieces, and nephews in various situations such as changes in health, employment, or marital status.
- Open and honest communication among family members about financial resources and expectations can minimize conflicts and improve management during times when help is needed.
- Consider selecting a trusted contact for each financial account and reviewing powers of attorney in advance to ensure someone can make decisions on your behalf if necessary.
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