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Retirement. Your Other Full Time Job

Couple sitting on the beach
You can’t retire from being a parent. But there are ways to plan for the challenges ahead.

Your 25-year-old MBA just moved home, your mother is celebrating her 85th birthday and your brilliant 30-year-old daughter just pitched you her can’t-miss start-up.

Congratulations, you’re officially CEO of Family, Inc.

Let’s not kid ourselves. These days, retirement isn’t just about us. Today, one-in-seven middle-aged adults support their grown children as well as their aging parents.2 Known as “The Sandwich Generation,” many of us find ourselves juggling our retirement planning while also supporting and caring for loved ones.


We’re also living longer. Today’s 65-year-olds have a 50% chance of making it to their mid-80s, and it’s not uncommon anymore to reach 90 and beyond.3 That’s a lot to consider when planning for a retirement that could last more than two decades. Not to mention all of the other big questions like, when should you retire? And what if you have an unexpected health issue?

At Morgan Stanley, we understand that family wealth planning is challenging. That’s why we believe the roadmap to a more comfortable future begins with two key family wealth considerations:

Have an Honest Conversation

For many families, there are few topics more taboo than money. Nearly 83% of affluent parents don’t discuss their finances with their kids, for fear of raising irresponsible adults.4 And 59% of adults are uncomfortable talking to their own retired parents about the cost of long-term care.5

One of the best solutions is an honest conversation with your family. Make family wealth discussions a top priority.

Make Financial Fitness a Family Hobby

Once the cards are on the table, it’s time to educate. After all, a financially literate family is essential to building wealth that lasts. A great first step is educating your kids early about scholarships and the cost of college so they have some skin in the game and are prepared to handle some money matters on their own.

Next, make an effort to prepare adult children for their own financial future. Whether it’s helping them on the journey to their first home or simply making them aware of the dramatic benefits of saving early for retirement, teaching the basics goes a long way toward reaching dreams.

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