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Two years of fighting a global pandemic has caused many of us to re-examine priorities — including our top financial concerns.
For much of 2020, we were simply trying to hang on to our wallets and pay bills without going into debt. With life returning to something closer to normalcy this year, many of us have taken a step back to look at where we are in our financial lives — and where we’d like to be.
Recently, the Transamerica Center for Retirement Studies published its 21st annual Retirement Survey of Workers. More than 3,100 adults who work at for-profit companies said the following financial goals are their top priorities as we approach a new year.
10. Paying long-term care expenses
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Respondents who said this is a financial priority right now: 10%
The coronavirus pandemic has pushed many of us to think about our health and mortality. Part of getting wiser about the future means facing hard realities — including the fact that someday, we may need to pay for very expensive long-term care.
If you are on the fence about making this a financial priority, check out “Should I Buy Long-Term Care Insurance?”
9. Supporting parents
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Respondents who said this is a financial priority right now: 13%
When you were young, Mom and Dad took care of you. Now, it is your turn.
Caring for aging parents is a big job. One way to make it easier is to make sure your folks live close by — perhaps even inside your own four walls. To learn more, read “Secrets to Successfully Sharing a Home With Senior Parents.”
8. Creating an inheritance or financial legacy
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Respondents who said this is a financial priority right now: 17%
At some point in life, making a buck gives way to leaving a legacy. Whether it is children, grandchildren or a favorite cause, most of us would like to ensure that some part of this world is better off after we go.
A good estate plan is essential to making such dreams come to fruition, so make sure you have critical documents in order sooner rather than later.
7. Contributing to an education fund
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Respondents who said this is a financial priority right now: 21%
College is brutally expensive. And — as with retirement — the longer you wait to save, the steeper the climb.
If contributing to a child’s college education is a top priority, see what you can learn …….