Age 45-54
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45 - 54 The Peak Earners

    Don't let looming college bills keep you from putting money away for your own retirement.  This is an age of not so good choices.  Your children's education is important, but I suspect in most cases the children would rather pay back a larger college loan than for them to pay for your upkeep in a nursing home (that costs $3,500 to $6,000 PER MONTH and Medicare will not pay a penny of it).  You must look after yourself as well as your children.  If you're under this age and reading this section this can be avoided by saving more, earlier in your life.

    Discuss finances with your aging parents.  Parents are reluctant to talk to their children about finances but it needs to be done.  A CPA can be a real help in this process.  Having the parents and children in the office, the CPA can be an objective outsider to see if there will be sufficient assets to meet your parents' needs or if you need to help them some each month.

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Copyright 1999 Jerry E. Bartram, CPA  All rights reserved.

Web designed and authored by Jerry E. Bartram, CPA  Last Updated 08/13/12

"IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, I inform you that any tax advice contained in this communication (including any attachments) was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any matters addressed herein."