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Empty Nest Finances Pt. 2 With Jim Burns

MoneyWise

Christian talk radio with Rob West

May 20, 2022

An empty nest, aging parents, and having enough saved for retirement. These are the issues facing many couples in their fifties. We’ll discuss those challenges with author Jim Burns today on MoneyWise. Jim Burns is the author ofFind Joy In the Empty Nest: Discover Purpose and Passion In the Next Stage of Life. Not long after the average couple becomes empty nesters, their parents begin to rely on them more. After children leave the house, they tend to circle back to mom and dad and expect their parents to handle certain things for them. Burns says you have to re-negotate the process and make your expectations clear. Also, help your adult kids to clarify their own expectations for their lives. To be clear is to be kind. Remember that your job as a parent is to help them become fully responsible adults. Burns says it’s important to talk about your parents’ finances and bills long in advance. Don’t wait until the need is pressing communicate with your parents years earlier about how you can work together to be there for them as they age. Whether with you adult kids or your parents, having honest conversations about money and expectations is critically important. Learn more about Jim Burns atHomeWord.com. On today’s program, Rob also answers listener questions: ●How can you get started with investing later in life? ●What is a second mortgage and when does it make sense? ●When does it make sense to stop paying into cash value life insurance policies? ●How do you determine if you’ll owe capital gains tax on the sale of a home? ●Is it prudent to refinance a mortgage right now? RESOURCES MENTIONED: ●Schwab Intelligent Portfolios ●BankRate.com

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