Learn that “No” can be an Answer
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By David S. Edge
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Bert and Dawn have been wonderful parents who wanted everything for their kids. Both parents ran successful and profitable businesses and they, of course, sent the kids to the best schools, bought clothes and sporting equipment, musical instruments, cars, and paid for college degrees at top of the
line universities.
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As their children grew up and moved out, Bert and Dawn starting thinking about retirement. They came to our office for a Discovery Meeting and met with our team of advisors after attending one of our many free Financial Retirement Workshops.
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As we started reviewing their options, one thing was clear. They didn’t have enough retirement savings to maintain their current lifestyle. So we took them through an exercise to see where their money was going. Lo and behold, all the extra funds they were earning were still going to their kids!!
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Turns out that Mom and Dad had helped finance both grown childrens’ home purchases, which were well beyond both kids’ income. They not only helped with the down payments but were also continuing to give financial assistance for the monthly mortgages as well as all the other birthday, Christmas, gifts, repairs, etc.
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It came down to one simple thing. Bert and Dawn had never learned to say “No.”
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Another issue that came to light during discussions with our team was that they still had their five-bedroom house even though it was just the two of them. A good portion of income was going for upkeep on the “big house.” Bert also stated that they both knew they needed to downsize, but Dawn did not want to, as the house had too many wonderful family memories.
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All parents want to help their children get a “leg up,” so to say, in this modern expensive world, but at some point the kids have to become self-sufficient.
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We realize that some of the most important decisions are also the most difficult to make. Bert and Dawn had to make the decision to put each other first and start earmarking their hard-earned money for
their retirement.
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As the team continued to review the four areas of retirement planning, a blueprint started to evolve to cover not only Bert and Dawn’s financial concerns but also, health, long-term care, and their estate.
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By turning off the spigot of their cash flow to the kids, our team was able to show them how the plan we recommended would allow them to grow their retirement income to cover not only their health care, but show them how the plan would continue their income as well as cover long-term care! It also allowed them to create a Trust that planned who, what, and when, their kids and grandkids would receive what Bert and Dawn wanted to leave them as a legacy.
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More importantly, we were able to create enough funding in the customized financial plan that allowed Bert and Dawn to keep their much beloved big house!
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Dawn was ecstatic!!!
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In the end, when their plan was finished, they both felt that the roadmap our planners created was clear and they knew exactly what to do, what to expect, and when. It was specific and left no doubt about results for the next twenty years of their lives.
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Call us with the question of:
“this is what we want our retirement to look like and this is what we have to work with.”
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Let our professional team help before you make these important retirement decisions.
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Click here for the full version of the August Newsletter.