Are your adult children still expecting an allowance? Will your ideal retirement age coincide with your child’s college graduation? What kind of legacy do you want to leave? Your children and grandchildren play a huge part in your financial planning for the future. In this podcast, we’ll talk about four areas that you should consider when it comes to your finances as it relates to future generations as well as your retirement planning.
In The News:
[1:32] – In The News: Are Higher Wages Inevitable?
- McDonald’s is discontinuing the lobbying efforts to fight minimum wage.
- Nathan says you’re going to see a wages increase which will have a negative impact.
- Nathan gives an example of business expenses and how they relate to the economy.
- Sometimes, low pay pushes you to want something more.
The Confidence Corner:
[6:40] – Adult Kids On Your “Payroll”
- As kids are growing up you may still want to help them financially.
- There comes a point when kids need to be on their own, cell phone bill included.
- An exception would be when a child has gone through a special circumstance like a loss of job.
- If you cannot afford to help them, you are then putting yourself at an even bigger disadvantage for retirement.
- Everybody is different with their parenting. Look at the numbers and see what path it puts you on.
[10:00] – College Savings Versus Retirement Savings
- Someone had twins going to college but she was already 60, which created an interesting challenge for retirement.
- The key is not being worried about paying for your kids’ college.
- You cannot finance your retirement, so save what you need for retirement first.
- If you’re going to save for college, do it early.
[14:25] – Aging Parents Needing Care
- Parents without long-term care insurance may expect adult children to take care of them.
- You’ve got to plan for this for yourself because the cost is so expensive.
- As a society we need to take care of our parents, but that doesn’t mean you have to do it completely.
- Maybe you care for them a few days a week and have a caretaker a few other days of the week because it puts a lot of stress on you and your family.
[17:33] – Leaving A Legacy
- Everyone wants to leave a legacy if they can.
- Work with your attorney and financial advisor to make sure everything is set up correctly.
A Point Of Wisdom:
Nathan O’Bryant – Contact