By Aubrey Cohen
Even if you’ve been diligently saving for retirement and have your money socked away in the right investments for your age, unforeseen problems can disrupt your careful planning.
Threats to your retirement can come from both inside your own family and from strangers who want to take advantage of you. Here’s what you can do to protect yourself.
1. Boomerang children
One of the biggest financial risks to retirement is your own grown children, says Helen Huntley, a certified financial planner at Holifield Huntley Financial Advisers inSt. Petersburg, Fla.
Boomers who support adult children are more likely to still be working, according to a March 2015 study by Hearts & Wallets[1], an investment and retirement research firm. Only 21% are fully retired, compared with 52% of Boomer households who aren’t supporting their children, the study found.
It’s optimal to teach your children self-sufficiency in the first place, so they can avoid a financial crisis that lands them back with you, Huntley says. “Once the crisis actually happens, there isn’t an easy way out,” she says.
2. Caring for elderly parents
3. A spouse dying without life insurance
4. A medical crisis
5. Retirement scams
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