Equipping Points:
Anyone with children knows that they will have a huge impact on your money, and retirement planning is no different. There are family dynamics that impact decisions you’ll need to make during the planning process. As many nearing retirement age are discovering, adult children and grandchildren can significantly influence financial strategies, making it crucial to understand how to navigate these relationships effectively.
Today we’ll share insights on some of those strategies and discuss the importance of budgeting for educational costs and potential healthcare needs. Learn about the benefits of 529 plans, the importance of communication regarding care expectations, and how to navigate the challenges of supporting family while preparing for retirement.
Here’s some of what we discuss in this episode:
- When should you make sure your kids are no longer ‘on the payroll’?
- Making the decision to prioritize retirement versus helping your children with college funding.
- The best ways for grandparents to help with their grandchildren’s education costs.
- Is it okay to count on your children to help take care of you as you age?
If you have any questions about what we discussed on the show or want to follow up with any financial planning questions of your own, get in touch with us and schedule a visit here.
Today’s Takeaway:
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