Ep 25: How Children Become Part of the Retirement Discussion

For many parents, everything revolves around their children. That’s why today we’re talking about retirement and how your children should become part of the discussion.
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Show Notes For This Episode

On this episode of Saving the American Dream, we’re talking about children and why they need to become part of your retirement discussion. We don’t want to coddle our children by any means, but our money typically goes where our heart is, so this is an important discussion to have.

First, let’s talk about college expenses. Many people are having kids later in life, so kids’ college and your retirement are sometimes happening at the same time, which can be dicey for your finances.

Having kids later in life can make retirement planning even harder, unless, of course, you were saving tons of money prior to having kids. Then maybe it won’t be as much of a problem.

On today’s show, we’ll also share:

  • How some kids move back home after college and how that can affect your financially.
  • How grandkids factor into people’s retirement plans.
  • How parents handle finances with children with special needs
  • How families can leave generational wealth.

Listen to the full podcast or use the timestamps below to jump to a specific section.

 

Navigating the Show

[2:22] – College expenses

[6:40] – Living with parents

[8:52] – Grandkids

[11:10] – Children with special needs

[13:20] – Generational wealth

[16:06] – Mailbag: Mom’s house

[18:16] – Mailbag: Money in the bank

 

We don’t want to coddle our children by any means, but our money typically goes where our heart is.

– Michael Schulte

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Copyright 2020 Saving The American Dream Podcast. Michael Schulte is an investment advisor representative and certified exit planner with WestPac Wealth Partners, located at 330 South Center Street, Suite 344, Casper, Wyoming 82601. The podcast is for informational purposes only. Individual risks and investment objectives must be reviewed prior to making any recommendations. Podcasts are for informational purposes only. Any guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or WestPac Wealth Partners and opinions stated are their own. Guardian, its subsidiaries, agents, and employees do not provide tax, legal or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. Michael is a Registered and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 5 Centerpointe Dr Suite 150, Lake Oswego, OR 97035, 503-207-4550. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. WestPac Wealth Partners is not an affiliate or subsidiary of PAS or Guardian. 2022-140225 Exp 7/24