Take care of yourself first, not your kids

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Take care of yourself first, not your kids

[FORBES] Bold retirees sport the bumper sticker “I am spending my children’s inheritance”. The sentiment might seem selfish, but it is good financial planning.

Trying to leave a bequest could put older people in a tight spot.

Finance author Chris Farrell once told me about a panicked 83-year-old woman with four children who was on track to run out of money in three years because she was trying to save for their inheritance. She is not atypical.

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