As an older parent, I am well aware that my retirement age will need to be extended if my kids choose to stay in education. I’m in good health right now so I can’t imagine wanting to stop earning. I’m sure both of us will do what’s necessary to keep the money coming in for as long as necessary.
|Pic provided by Flickr.com|
Having kids late meant that I was able to enjoy a good career and ensure I had the means to take on the commitment of parenting. But there will always be that worry that I’ve not done enough.
We always check we’re covered for every eventuality.We certainly have learned the value of insurance over the years. Obviously, nobody is keen on the cost of insurance, but without it, you could find yourself in dire financial straits.
The mortgage terms demanded that we both have life insurance cover, for example. It means the mortgage will be paid off if anything happened to either of us.
Making sure my kids are provided for is really important to me.
Yes, we are older than other parents, so yes we may have to deal with ill health while the kids are still young and dependent on us.
Fortunately, the Husband is in a relatively risk-free job and I work from home.
I feel for those parents who work in roles that are more dangerous, like the emergency services. I can understand why it is so important for police officers to have law enforcement life insurance that covers those extra risks when it’s needed. These insurances can also cover part of your salary if you are unable to work due to ill health. In high-stress jobs like the medical profession, this could be essential.
|Image credit: Ken Teegardin|
You never know what’s around the corner, whatever age you are, but there is so much more you can do to protect yourself financially.
Avoid extra financial commitments as much as you can.
Car loans, credit cards, and TV subscriptions are among the things we are tied to in life that can be a burden if you lost your income.
Careful budgeting so you can see where your essential spending goes is a good idea too.
If something does go wrong, you can strip out what isn’t necessary quickly and easily. It also highlights the minimum income needed to cover your bills.
That makes it handy for working out the kind of pension you want, and the salary you would need if you lost your job.
We also do our best to save. The savings can sit there and earn almost nothing in interest, but at least it’s there. It’s something to dip into if a big bill comes up, or you need a break from working. Even if you can’t save much, every little helps in a financial crisis.
We’re old enough to remember financial disasters and recessions.
We know there is no job for life, and we know our property value could decrease as well as increase.
There is no certainty.
I will always worry about our financial future, but I know I will take care of my kids no matter what.
Midlife mum from Cardiff. Wine Imbiber. Likes glitter, fluff and olives. Approaching tweendom with Caitlin (11) and Ieuan (10). The husband is hiding in the loft.
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