Divorce can be traumatic for some, but for others it can have its perks, such as reintroducing you to the bachelor or bachelorette lifestyle. Now that your children are grown and out of the house, your disposable income is no longer going toward a college savings fund or a new car for Susie. After your bills are paid, you are free to splurge on whatever you choose – like a luxury cruise, a new wardrobe or a golf getaway.
The world awaits, right?
Just because you no longer have a spouse, or legally dependent children, doesn’t mean your family won’t need to turn to you for financial support in a crisis. In fact, you may find that several members of your immediate family may need your help sooner than you think.
The child is now the parent: When you were young, you depended on your parents for everything. They raised you to become the independent person you are now. Eventually, you’ll have to return the favor. Many children end up paying for their parents’ long-term care, including a private nurse or an assisted living facility. Depending on their retirement income and Social Security benefits, your parents may also need you to supplement their income to cover their basic needs. Choosing the right policy means you can honor your parents for all of the love and support they’ve given you over the years.