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Carroll S Golden
a book bubble about
How Not To Pull Your Family Apart
Parenting & Relationships
Author Insight
Know Any 'Career Extenders'?
They are everywhere and some are your clients! Why are so many Baby Boomers working beyond the traditional retirement age of 65? Bob Morison, a senior advisor at consultancy Age Wave and the co-author of What Retirees Want: A Holistic View of Life's Third Age, points out that "They're aware that they have more years and that there's a lot of time to fill." Are you or is one of your client’s a ‘career extenders’ who openly shares the story that propelled them into a second career? I have an “extender’ friend who started her own consulting firm. It’s her dream to help others with their or their loved one’s opioid addiction. She lost her 32-year-old son-in-law to an overdose and saw her daughter’s life pulled apart. I know another ‘extender’ who loves to travel. She is going for an ‘extender’ career as a travel agent. Let’s not forget a very common third reason. According to a New York Life 2023 press release, the average retirement savings balance among baby boomers was $223,498.27. If a client is looking at qualifying for public LTC assistance, it’s too much. If they are looking at funding extended or long-term care, it’s not enough. My newest book, available at Amazon or wherever you purchase your books, deals with Overcoming Challenges and Objections to Planning Conversations since most ‘extenders’ think it’s too late to discuss planning. Contact me carroll@thecaringconversations.com and share your client’s story.
Book Excerpt
How Not To Pull Your Family Apart
We’re typical of the sandwich generation, caring for three generations at the same time—your parents, ourselves, and our children. You know how financially savvy Nicole is. Well, she sent me an article about the impact all of this could have on our retirement. It wasn’t pretty, and she hesitated to send it to you.”
“Why?” Jodi looks inquisitively at her husband.
“She doesn’t want to upset you. She doesn’t want you to think she’s meddling,” Jackson responds, placing his hand on his wife’s arm. “Jodi, this is impacting everyone. Not saying anything to our children just makes them worry even more.”
“OK,” Jodi stiffens while trying not to sound defensive. “Please show me what she sent.”
Jackson nudges the article toward his wife. “I know Nicole shared it with Erik. According to the Fidelity Retiree Health Care Cost Estimate, a couple aged sixty-five who retired back in 2020 needed approximately $295,000 saved after taxes to cover health-care expenses in retirement. For affluent investors, that number could rise to $320,000 or more depending on state taxes. The article warns that many people assume Medicare will cover all health-care costs in retirement, but apparently it doesn’t. This chart illustrates that about fifteen percent of the average retiree’s annual expenses will be used for health care–related expenses. It’s a pretty eye-opening article, Jodi.”
“I had no idea.” Jodi leans in with a concerned look on her face. “That’s a big chunk of money.”
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