The Financial Health of Three Generations

People Like Me

The Financial Health of Three Generations

2 min read October 17, 2019

Meet, Ary and Dominga. She is juggling her mom’s health care cost, her daughter’s education and her own retirement plan.

I’m facing the perfect storm of health care, education and retirement. Successfully navigating just one of these financial challenges is a major accomplishment. I needed to figure out how to juggle all three and realized that maintaining everyone’s quality of life called for a well-thought-out plan. 

I hadn’t yet taken advantage of the financial wellness program that was part of my employee benefits package. When I looked into it, I learned that I could meet with a financial planner at no charge.

Even though my mother is fairly healthy, unexpected medical costs were increasingly becoming an issue. My financial planner recommended that we take a close look at mom’s cash flow to see if there were opportunities to increase it … and there were. Once we put that plan into action, we turned our attention to my daughter. Her education means the world to me. 

I want to give my daughter the opportunity to pursue her dreams, and that means college. Our financial planner recommended a 529 education savings plan, which also provided me with a tax benefit. My financial planning benefit also included a series of free educational workshops. I attended one where I learned that “yes, it’s possible to save for retirement and college at the same time.”

Being able to manage my most challenging financial concerns in one place has proved invaluable.

My advice is don’t go it alone. If your employer offers a financial planning benefit program as part of your employee benefits package, jump on it. 

This story is for illustrative purposes only and does not guarantee any particular outcome. MetLife administers the PlanSmart Financial Wellness program, but has arranged for Massachusetts Mutual Life Insurance Company (MassMutual) to have specially trained financial professionals offer financial education and, upon request, provide personal guidance to employees and former employees of companies providing this program through MetLife. Guidance and coaching online and by phone is provided by trained and credentialed financial planners through our alliance with EY (Ernst & Young LLP).

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