when you were in your 20s managing your finances was a fairly simple matter of getting into good financial habits such as saving and budgeting now you are at the point where your finances are probably a bit more complicated and one financial variable such as the amount that you contribute to your company s 401 k plan can affect several other areas in ways that are becoming difficult to compute or predict with any accuracy 
this variable impact probably means that it is time to enlist a professional financial planner or financial advisor who can plug your cash flow balance sheet risk tolerance investment objectives time horizon and tax bracket into a sophisticated financial planning program this can give you at least some idea of where you really are financially and what you need to do going forward to get where you want to be by retirement age just be prepared to see some unpleasant numbers at the end numbers that may indicate that you will not be able to retire as soon as you hoped if your debt load has become unmanageable find a legitimate debt management firm to help you get it under control although most experts warn parents about diverting retirement savings into their kids college funds this is the time to open a coverdell education savings account or a 529 plan fund if none exists your kids can contribute to these funds as well as you the money you inherit from deceased parents or other relatives can also be college funding sources opening an individual retirement account for them can be another good choice as long as you re confident that they will not withdraw the contributions for other purposes granted conversations about money between parents and their children can be awkward but if you have not spoken with your parents about the state of their health and finances then it s probably time to get the ball rolling in this area if your parents health is failing and they have no estate plan in place then it may be wise to fork over the cash yourself to pay to have this done if they consent consult an elder law attorney for advice if you need help dealing with managed care issues and choose a designated sibling to be the point person for dealing with these matters a common mistake the children of aging parents make is the overestimation of medicare medigap and medicaid coverage having an understanding of what needs to be paid for out of pocket can determine if purchasing long term care insurance if that s still feasible and supplemental insurance policies may be beneficial the pressure of caring for aging parents can be multiplied by the expense of supporting grown children requiring offspring who return home after college to help with household expenses including paying rent buying groceries or assisting with the elders care can relieve some of the pressure associated with supporting multiple generations it can also provide children with some life lessons in financial and fiscal responsibility 