Is it true that you need $1 million dollars to retire? Nationally renowned financial gerontologist, Dr. John N. Migliaccio, PhD shares fascinating facts about how far your retirement dollars can go in Wichita and the surrounding areas.
Empowering Seniors – Planning Your Retirement
Financial gerontology is a multidisciplinary field of study encompassing both academic and professional education, that integrates research on aging and human development with the concerns of finance and business. (Financial gerontology. Wikipedia, 14 January 2021 en.wikipedia.org/wiki/Financial_gerontology). John N Migliaccio, PhD, Dir. Of Research and Gerontology at MetLife Mature shares with us the importance of taking a look at what our retirement is going to be. Making sure we collect all the components and figure out what we are going to build for retirement. You might be thinking, when is it appropriate to start talking about these things with your spouse or family? These thoughts and discussions with family or a trusted professional are something we should have been talking about yesterday. Financial issues are family issues. Baby boomers are in line to inherit the largest intergenerational transfer of money in history.
Educating and empowering seniors on the overwhelming issues they face and that their adult children face is so important. Figuring out what you’re going to do to accommodate yourself during retirement goes hand and hand with making sure you will have enough resources to do those things. Family discussions are ongoing and it can help educate everyone and especially those that are stepping forward and taking charge and providing guidance.
It’s a challenge to create a balance between the ideas of what you really want and between what is actually realistic. Focus on keeping the conversation open and being flexible and willing to know things might change.