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A lot of folks assume its completely tax-free, but thats not always the case.
Depending on your income, a portion of your Social Security benefits could actually be taxable.
That catches a lot of retirees off guard, especially if they didnt plan for it.
On top of that, he said thecurrent economic climatedoesnt make it any easier.
Rising healthcare costs, inflation, and market ups and downs can really stretch retirement savings thin.
It just shows how important it is to have a solid plan in place for these kinds of surprises.
Below are thetop money problemsboomers could face in 2025 and some ways they can navigate these issues.
This is often without realizing how much it impacts their own retirement, said Willis.
These hidden financial dependencies can quietly drain savings, leaving boomers vulnerable to unexpected expenses likehealthcare or long-term care.
This support might come in the form of helping with rent, co-signing loans or paying for childcare.
Gagandeep Saini, CEO ofWe Buy Houses in Central Valley, agreed.
The sandwich generation phenomenon continues to inflict financial stress on Boomers.
Many of my clients simultaneously support an aging parent and an adult child.
Real Estate
Equally daunting is the issue of real estate, said Saini.
it’s possible for you to set up afamily support fundseparate from your core retirement savings.
On another note, you could also create afamily financial agreement.
This keeps things clear and prevents your generosity from becoming anopen-ended financial drain.
Saying no sometimes is not selfish.
Protecting your financial independence ensures you wont become a burden to your children later.
Generosity is valuable, but it should be balanced with your own sustainability.
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