How Can Family Be Factored Into Retirement Planning?
Factoring family into your retirement plan—and other aspects of annual financial planning—often calls for significant change. Your retirement plan when you’re married, for instance, will look completely different from when you were single. You not only have to consider your own needs and retirement dreams; you also have to consider your spouse’s. Children’s college savings, caring for elderly parents, and even helping out extended family members will often have to play into one’s retirement goals and how to achieve them.
Understanding How Family Can Be Factored Into Retirement Planning
Some financial advisors have the following piece of advice: you can get a student loan to go to college, but there’s no such loan for retirement. Still, prioritizing a child’s education should not be something to feel guilty about, and there are ways to accommodate both goals of college savings and a comfortable retirement later on.
At the same time, adults may find that they suddenly have to care for elderly parents who may have health issues or are unable to properly fend for themselves. Again, there are ways to avoid having such family issues interfere with retirement.