Today’s Hack
Kids and grandkids play a crucial role in shaping financial plans, often in ways that can significantly impact your retirement strategy. In this episode, we’ll dive into the most common scenarios where future generations influence retirement planning. From funding college education to creating lasting financial legacies, we’ll explore how to balance your retirement goals with the needs of your family.
A key theme throughout our discussion is the importance of fostering financial literacy within your family. No matter what your situation, you want to make sure you’re strategizing, planning, and learning alongside your family with the help of an advisor. If you’re curious about how your kids and grandkids might be impacting your retirement plan, don’t hesitate to reach out to Phil for advice!
Here’s some of what we discuss in this episode:
0:00 – Intro
1:30 – Adult kids that are still on the payroll
5:35 – Parents who had kids later in life
8:23 – Grandparents who want to help with education costs
9:45 – Relying on your kids to take care of you in old age
11:40 – Cultivating financial literacy in your family
15:22 – Children with disabilities
If you have any questions about what we discussed in this episode, reach out and we’ll be happy to set up a time to talk.