Page 10 - Jupiter Spotlight - September '23

Page 10, Jupiter Spotlight
Financial Focus ® Inflexible Children Struggle

Retirees: Talk Finances With By Jim Forgan, Ph.D., might think, “Just get over it and move on,” but it is

Your Grown Children School Psychologist not that easy for your child.
“We don’t spring any Inflexible children often have difficulty making
By Sally Sima Stahl unexpected changes on transitions at home and at school. They often see things
When you’re retired, you’ll him or he has a huge their way and have difficulty going with the flow.
likely have some financial meltdown,” explained This contributes to their meltdowns and stubbornness.
concerns – just like all retirees. one mom. Her 8-year-old Inflexible children are not always pleasant to be
However, if you’ve invested son had daily tantrums around. They can be bossy when playing and want
regularly and followed a long- when things did not to do things their way. This inflexibility can create
term financial strategy, you go his way. Mom was friendship issues with same age peers and inflexible
should be able to address most concerned he might have children might prefer to play with younger children
issues that come your way. But ADHD so we evaluated whom they can boss around.
there’s one important action him to determine the root cause of his meltdowns. Our The term executive functioning describes our
that’s sometimes overlooked evaluation showed it was not ADHD but rather he had brain’s management system. Kids with executive
by retirees: sharing their executive functioning difficulty with shifting attention functioning difficulty need to learn skill rather than
financial situation with their grown children. And this and cognitive flexibility. take pills to help them. Mom was happy medication
knowledge can benefit everyone in your family. Perhaps you’ve heard the saying, “That person has was not the answer for her child. My Day is Ruined!:
You might be surprised by the concern your children have a one-track mind.” That saying captures what happens A Story Teaching Flexible Thinking by Bryan Smith
for your financial well-being. Consider these findings from when inflexible people get something stuck in their is a book you can read with your child to teach skills.
a 2023 study by Age Wave and Edward Jones: minds and they can’t get it out. They perseverate. Their Call to discuss your child as we test for executive
• 66 percent of millennials (generally defined as ranging brain is like a train riding down a track and it can’t functioning difficulty, autism, dyslexia, dysgraphia,
from 27 to 42) worry that their parents or in-laws may not make a shift to a new track until it gets to a junction. ADHD, depression, and anxiety. Visit JimForgan.com
have enough money to live comfortably in retirement. Unfortunately for some people, their brain goes on for or call (561) 625-4125.
• 83 percent of millennials would rather know their parents “miles” before it reaches a junction. As a parent you
are financially secure in their retirement, even if it means
their parents pass on less money to them.
If you have children in this age range or older, or who
soon will be, how can you address their concerns and Advertise in This Newspaper! Call 561.746.3244
potentially improve your financial outlook? Communication
is the key. By openly communicating with your family
about your financial status, you can reduce anxieties and “Service is our number one priority”
misperceptions. If you’re in good financial shape, your adult
children may be reassured that you won’t be needing their 561-743-0070
assistance. And if you are feeling some financial pressures,
you can inform your children of the steps you are taking to www.palmspoolservices.com
improve your situation.
One such step may be to reduce your cost of living – the
less you spend day to day, the better your ability to preserve
your investment and retirement accounts. You may be able to
reduce costs in many small ways, such as ending streaming
services you no longer use, but you could make an even
bigger impact by downsizing your living arrangements. In
fact, 72 percent of today’s retirees have downsized or are
willing to downsize to reduce their housing costs, according
to the Age Wave/Edward Jones survey. Downsizing isn’t for
everyone, but if it’s a possibility for you, it may be worth
considering because the savings could be significant.
You may also be able to reduce or consolidate your debts.
Start by understanding how much and what kinds of debt
you have. Then, consider ways to lower your payments, such Expires 10/15/23.
as refinancing. For example, if you’re carrying a balance
on multiple credit cards, you might be able to transfer the State Licensed & Insured
amounts you owe onto a single card with a more favorable Serving Palm Beach County CPC # 1457468 • LPG#30099
interest rate.
Here’s another move to consider. Adjust your investment
mix to possibly provide you with more income in retirement.
During your working years, you may have invested primarily
for growth – after all, you could be retired for two or more
decades, so you’ll need to draw on as many financial assets
as possible. But once you’re retired, your investment focus
may need to shift somewhat toward income-producing
opportunities. Keep in mind, though, that you’ll still need
some growth potential to help keep ahead of inflation.
One final suggestion: Let your children know if you
already have a strategy in place to meet the potentially high
costs of long-term care, such as a nursing home stay. This
burden is certainly something you won’t want your children
to take on.
By informing your children about your financial picture,
and how you’re trying to improve it, you can ease everyone’s
minds – so keep the lines of communication open.
This article was written by Edward Jones for use by
your local Edward Jones Financial Advisor, Edward Jones,
Member SIPC.
Edward Jones is a licensed insurance producer in all states
and Washington, D.C., through Edward D. Jones & Co., L.P.,
and in California, New Mexico and Massachusetts through
Edward Jones Insurance Agency of California, L.L.C.;
Edward Jones Insurance Agency of New Mexico, L.L.C.; and
Edward Jones Insurance Agency of Massachusetts, L.L.C.
Edward Jones, its employees and financial advisors
cannot provide tax advice. You should consult your qualified
tax advisor regarding your situation.
Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.