No one is entirely rational when it comes to money. We don’t create and follow a budget or save something every paycheck though we believe it would be in our best interest. We know we need a financial plan but put off the work involved; somehow it never happens.
Teresa Amabile, professor at Harvard Business School, is approaching her own retirement by researching how ending your work career affects your sense of self. She says important psychological shifts take place leading up to, and during, retirement.
“I don’t quite know what to do next,” said Simon, a media CEO. Simon had been a chief executive for 15 years, and CFO before he was 30. He had turned around private and public companies, quadrupled profits and quintupled revenue. But, with his company recently sold, Simon was considering retirement.
Planning for aging can often be a sensitive and unwelcome topic. A spectrum of financial issues may arise, from outliving our money, threats of financial exploitation or simply navigating how — and to whom — we wish to share whatever wealth we have
My wife volunteers her time to Paws Crossed, a no-kill animal shelter in Westchester County, NY. Often pets are surrendered to shelters because of changes in their owners’ lives such as relocation, allergies or financial distress; and sometimes as a result of the passing of their owner.
Adult children find it difficult to have the "money talk" with aging parents because they feel it is not their place. However, it is extremely important to have this conversation in order to protect family assets, eliminate unnecessary administrative difficulties and minimize potential disputes with family members before it is too late.