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When the economy tanked, so did many people's retirement funds. Here's hot people can avoid being a financial burden to their adult children.

People are five time more worried about burdening their children than dying according to an Age Wave and Genworth Financial survey.

When the economy tanked, so did many people's retirement funds. On average people want to live to age 92, according to the Chicago Tribune.

Talking with one's children about important money situations doesn't have to be a frustrating debate, just a fact-finding discovery between parents and their adult children, according to the Chicago Tribune. Ideally, the conversation should occur before any financial or medical crises need immediate action. Discussing expectations about which generation will financially cover the other and in what circumstances is the main goal.

"We all have great pride when it comes to independent living," Linda Leitz, certified financial planner and co-principal of Pinnacle Financial Concepts in Colorado Springs, Colo., told the Chicago Tribune. "But the reality is that most of today's seniors will live long enough to reach a point where they can't live independently, and thus there is planning involved."

To better take on the challenge of funding a lengthy retirement, people should separate their portfolios into the "lifestyle" category (the necessities) and invest this part lower-risk and tax-advantaged options, such as 401(k)s, bonds, non-traded real estate and annuity investments, Erin Botsford, CEO of financial planning firm Botsford Group, and author of "The Big Retirement Risk: Running Out of Money Before You Run Out of Time," told the Chicago Tribune.

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