Dual Income, No Kids

On average, it costs $252,634 to raise a child from birth to age eighteen. But somehow, when you don’t have kids, you don’t usually have that extra money lying around. Where does it go? How can you find it and make it work for you? Here are some questions we’re often asked by couples with no children.

How much money should I be saving for retirement?
Retirement means different things to different people. The amount you need to save depends on your desired lifestyle in retirement, current retirement assets, anticipated future growth rate and inflation. By learning about your goals, expectations and time frame, we can help you determine if you are on track and make planning for retirement more predictable and more comfortable. One thing we know: You won’t need money to visit grandchildren.
How do we balance our various goals financially?
What happens when paying off debt conflicts with saving for retirement? How do you decide what to spend, what to save, what your investments should be and how to create the right mix?

At PDS Planning, we know what it’s like to balance current needs and wishes with your long term financial goals. We can help you understand how the decisions you make today will have an impact on your future, and help you organize and prioritize your decisions, so you can feel comfortable with the results.
How can we minimize taxes?
Often in a dual income family without children, “no kids” translates to “fewer deductions,” which can land you in a higher tax bracket. There are, however, things to consider that may help, such as deferring income and maximizing those deferrals. Once we talk to you and get a clearer picture of your individual situation, we can offer suggestions that may help you in this area.
Will my spouse have enough money in the event of my death?
We will prepare a projection to determine whether there are financial needs in excess of the current investment assets and life insurance. If there is an additional need, we will help to provide options that can best achieve the goals for your surviving spouse.
Should we be considering Long Term care?
If you are between the age of 50-60 we believe now is the time to consider long term care insurance. There are many dynamics in considering how to prepare for your long term care needs. We can assist in evaluating different insurance coverage, the spending down of assets in the event long term care if needed, and how each option will impact your financial future.