A Federal Reserve report on the economic well-being of U.S. households in 2015 found, among other things, that 31 percent of non-retirees reportedly “have no retirement savings or pension whatsoever.” Where households are supported by two incomes, some may only have one spouse contributing to the retirement fund. As they approach retirement age, many couples are left wondering how they can contribute to the nest egg.
It’s never easy to watch family members struggle with their finances. Even though it can be tempting to loan them money, it is only a temporary fix that won’t last if they’ve instilled bad money habits in their financial routine. When it comes to addressing your concerns with a family member who’s struggling with money management, it can be scary. On one hand, you want your loved one to get his or her financial situation under control, but you don't want to destroy your relationship in the process. Read on to learn more about how to better help family members who are bad at money.