Financial Planning for Dual Income, No Children Households
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 and dual incomes.
How Much Should I Save 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 retirement planning more predictable and more comfortable. One thing we know: You won’t need money to visit grandchildren.
How Do We Balance Different Financial Goals?
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. However, there are outside considerations 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 estate planning 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. Many retired couples are moving toward independent senior living, opposed to traditional care. We can assist in evaluating different insurance coverage, the spending down of assets in the event long term care is needed and how each option will impact your financial future.
For more information regarding financial planning for your dual income, no kids family, contact PDS Planning today.