The Baby Boomer generation is continuing to settle into their retirement years, and the Gen Xers are fast on their heels. Many members of both generations are taking the right steps towards securing their financial futures. But there’s one part of the equation that many are missing—they’re not including their adult children in the discussion.

Overreliance, emotional strain, and long-term impacts to your own retirement plans… It can be difficult to prepare your children for the world AND prepare them for financial independence. Unfortunately, we have seen first-hand how our clients’ own plans for retirement can be negatively impacted when children remain financially tethered to their parents for too long.

By Dom DiFurio Americans have long understood that their birthplace can significantly affect their futures, and academics have increasingly been able to connect tangible early life factors like where they live and the friendships they've cultivated with potential future income.

When it comes to end-of-life preparation, taking the initiative is key. After you pass away, your spouse will undoubtedly be overwhelmed with emotions. Even the most mundane tasks, like running errands and staying active, may be challenging for them to keep up with. In this state, managing new financial obligations could feel nearly impossible. However, with some advanced planning, you can give your spouse a solid foundation for assuming control of your finances after you’re gone.

Learn the 3 most important facts about Social Security survivor benefits—who qualifies, how much you may receive, and when to claim—to help protect your family's financial future.