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Will mixed financials cause difficulties with your children's inheritance, or his children? Enjoy your life, just plan ahead. Maybe a pre-nuptial agreement?
My advice is to spend your children's inheritance on a good life for yourself.
Or, not, whatever you want to decide. I am just showing you all the possibilities, including the downside. You did say "PLAN".
And then lastly, I would have a good friend with someone who has wisdom and knowledge, nothing to gain from your friendship but knowing you; and make yourself accountable (an informal accountability partner) to that person on major life decisions.
Go to the top of the page, click on MONEY & LEGAL, read the articles and comments there.
I am not an expert nor professional, just a person taking the time to share what
my friends have suffered from.
Your financial advisor ( should not be someone interested in selling you stock or an annuity), maybe a Certified financial planner, can inform you. Or, even an elder law attorney (not someone who wants to sell you a package plan of POA, will, and other financial plans.
Plan ahead for that part-time job (don't quit before you have it), because that extended down-time (not working) beyond a vacation period can wreck havoc with your ability to continue working.
Try not to make any major life changes until you feel ready, unless your current job will be making you sick.
Retirement is over-rated, in my opinion, even when there is enough money!
Even people in assisted living and nursing homes have the delusion that they are there 'at work', shows you how important 'work' is throughout our lives. It is good you will be working part-time.
If you want to plan for a moderate retirement income out of necessity, my first suggestion would be to cancel gifting family beyond your immediate children, and then token gifts of a small nature, choosing either Christmas or their birthday, but not both. No loans to anyone, ever. Send cards or e-cards instead. You can start that now, because it will show you just how difficult it is to say no and to maintain relationships if you are the one giving.
Put all that money in the bank, stop spending it.
Also, consider what you have given to charities/church in the past, retire that too on the day you retire. You can re-calculate that to a smaller amount now.
The goal is to keep from being a burden down the line and to take care of yourself, at least as long as possible.
These are things people who have retired had difficulty with so far, after calculating they will only have enough to live on for eight years, continue to give to charity, church, and loans by refinancing their homes to help a married adult child buy a house! Be more careful than that. Allow expenditures for yourself to travel, have some fun. It depends upon how good you are at managing money now.
Retirement years can be fun and enjoyable, don't get me wrong.
Dont wait too long, it costs more the older you are, but I know I can get help to come in whether I need a little help or a lot, and eventually will pay for NH care if needed. If you don't have an estate to fall back on, this would be a really wise decision. We have a reverse mortgage so will stay here as long as we are able
There are some things you can do to get a handle on your current/future expenses. Here is a website to get you started.
SS more complex. Others have given great resources. Keep in mind that the longer you wait till 70 to get SS, the bigger the payment for the rest of your life.
Like if $ 1900 at 62, it would be $2500 at 66 & $3100 at 70. If you are likely to live a long life this is quite the difference.
I work with an independent advisor, who helps me with my retirement plans, my life insurance, and my son's special needs trust on a commission basis. Be sure to ask what the advisors "fiduciary responsibility" is to you---that means he/she is working for your financial good rather than just trying to sell you plans to get money for themselves.
Some employers also offer some free sessions with a financial planner.
If you are not really comfortable going by yourself, is there someone in your family who could go with you to help you remember what the person says--about ten minutes into financial conversations, I start to get confused and lose interest, even faster if they start using long words! Good luck!
You can also go to this page and on the right side, you can "Find Someone To Talk To" by putting in your state: https://www.medicare.gov/forms-help-and-resources/index.html
And here's the Contact Us page for Social Security: http://www.ssa.gov/agency/contact/
Good luck!
Congratulations and good luck!