{"id":1400,"date":"2019-12-30T22:26:12","date_gmt":"2019-12-30T22:26:12","guid":{"rendered":"http:\/\/gpswp.com\/retirementincome2019\/?p=1400"},"modified":"2019-12-30T22:44:57","modified_gmt":"2019-12-30T22:44:57","slug":"childproofing-your-retirement","status":"publish","type":"post","link":"https:\/\/gpswp.com\/cswans\/2019\/12\/30\/childproofing-your-retirement\/","title":{"rendered":"Childproofing Your Retirement"},"content":{"rendered":"\n

From the moment your children are born, there are costs\nassociated with raising them. The diapers, the clothes, the food, the toys \u2014\nthe list goes on.<\/p>\n\n\n\n

And the costs don\u2019t stop coming as your children grow up.\nIt makes sense for you to try to take some steps that can minimize the risk of\nyour children ruining your retirement savings strategy. That\u2019s exactly what The\nMotley Fool discussed in its article \u201cHow to Childproof Your Retirement.\u201d1<\/sup><\/p>\n\n\n\n

The article looks at several different issues that\nparents encounter when it comes to their personal finances and their children.\nThe first issue deals with the fact that many parents are choosing to help\ntheir children with college instead of saving for their own retirement. A\nrecent Merrill Lynch survey2<\/sup> shows that 75% of parents put their\nchildren\u2019s financial needs ahead of their own retirement. <\/p>\n\n\n\n

Among the ways that this happens is by parents trying to\npay for their children\u2019s college tuition and education-related expenses. Some\nparents even take out student loans in their own names to help cover some of\nthe costs. The irony here is that when parents take on debt, they could be\ndelaying a financial burden that will eventually fall to their children.<\/p>\n\n\n\n

By not preparing for retirement, or by incurring debt\nthey can\u2019t pay off before they pass away, they may be simply passing that debt\nonto their children later. There are other funding options available for\ncollege like scholarships and financial aid. You can also open a 529 Plan to\nhelp your child save for college. <\/p>\n\n\n\n

If you\u2019re not familiar with these type of plans, 529\nplans are tax-advantaged plans that are specifically designed to help with\neducation expenses3<\/sup>. There are two types of 529 plans: savings plans\nand prepaid tuition plans. The prepaid tuition plan allows an investor to pay\nfor fees and tuition at the specific institution. The other type of plan, the\nsavings plan, is like an individual retirement account or IRA and has tax\nadvantages as well.<\/p>\n\n\n\n

If you find yourself retired with too much debt or are\nunable to repay the student loans taken out in your name, your options could be\nlimited. Parents may want to consider working with a financial services\nprofessional to examine all options. <\/p>\n\n\n\n

Another issue when it comes to parents, children and\nfinances is setting limits on the amount of financial support provided.\nRetirees often live on a fixed income. Many utilize a monthly budget to keep\ntrack of expenses and cash flow. Financial support to your children should fit\nwithin that budget. Just as it is useful to set a limit on what you\u2019ll spend on\nentertainment, utilities, travel or groceries, it\u2019s important to limit your\nfinancial support to a reasonable amount for your budget. <\/p>\n\n\n\n

Having discussions with your children as they grow up and\ninto adulthood can ensure they are financially literate and you are setting\nexpectations for what they should expect from you \u2014 and, perhaps more\nimportantly, what they shouldn\u2019t. <\/p>\n\n\n\n

Working with a financial services professional to\nsolidify and define your personal financial plan can also help. With a\nfinancial strategy in hand, empowering your children with personal finance\nskills and setting appropriate limits on financial support for their personal\nand education expenses, you can begin to childproof your retirement.<\/p>\n\n\n\n

1 https:\/\/www.fool.com\/retirement\/2019\/09\/04\/how-to-childproof-your-retirement.aspx<\/a><\/p>\n\n\n\n

2 https:\/\/www.ml.com\/the-financial-journey-of-modern-parenting.html<\/a><\/p>\n\n\n\n

3 https:\/\/www.investopedia.com\/terms\/1\/529plan.asp<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

From the moment your children are born, there are costs associated with raising them. The diapers, the clothes, the food, the toys \u2014 the list goes on. And the costs don\u2019t stop coming as your children grow up. 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