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Money Management

Helping Family With Unforeseen Financial Needs

Cindy Levering discusses how retired Americans should plan for the potential need to provide financial help for family members, according to a report published by the Society of Actuaries (SOA).

By Cindy Levering May 13, 2026

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Cindy Levering
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Key Takeaways

  • Assess your actual financial capacity to help family members *before* committing to support them; consider whether you can truly afford it without jeopardizing your retirement
  • Have honest, open conversations with family members about your financial resources and expectations to minimize conflicts when help is eventually needed
  • Coordinate your Social Security claiming strategy with your spouse by considering survivor benefits—optimize your joint approach in case one spouse passes away
  • Establish powers of attorney in advance with carefully selected, trustworthy individuals who can make decisions for you if you become incapacitated
  • Designate a trusted contact for each financial account (can vary by institution) to ensure someone can act on your behalf during emergencies or health crises

Helping Family With Unforeseen Financial Needs: This video discusses the risk of unforeseen financial needs of family members during retirement and provides steps to manage this risk. The importance of prudent retirement planning and considering potential assistance to family members is highlighted.

Highlights

  • Retirees may need to provide financial support to adult children, grandchildren, nieces, and nephews in various situations such as changes in health, employment, or marital status.
  • Open and honest communication among family members about financial resources and expectations can minimize conflicts and improve management during times when help is needed.
  • Consider selecting a trusted contact for each financial account and reviewing powers of attorney in advance to ensure someone can make decisions on your behalf if necessary.

To see more videos featuring Cindy Levering on FinStream.tv, please click this link: https://www.finstream.tv/featured/cindy-levering/

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