Is your retirement ready for a house full of diapers?

Your clients have planned.  They’ve saved.  Crossed their T’s and dotted their I’s. Hopefully you’ve helped them hit a point of financial security.  Now they’re ready to begin having children.  Many people are opting to wait until they are in the “right place” emotionally and financially before they begin their family.  Even celebrities like Selma Hayek, Uma Thurman, Halle Berry and Michael Jordan are having children in their forties or later. 

But waiting to have children later in life can also lead to new issues when thinking about retirement.  Clients may have accumulated more savings, but they also have a limited time to generate additional income prior to retirement.  And now, instead of worrying about making retirement savings last for themselves, they must consider making it last for their young children, especially in the event of a death, disability or a major change in health that can come with growing older.  We’ve all heard the adage that we enter the world in diapers and leave the world in diapers.  But what if parents and children are both in diapers at the same time? What does that mean for making retirement savings last?

What would happen to your clients, or more importantly, their children, if your client became disabled, needed long term care or met an untimely death? Could their savings stretch far enough to cover basic living expenses like food and the mortgage plus expenses for children like proms, college tuition, braces and vehicles?  While you can’t magically make these issues obsolete for clients, there are things you can do to help them prepare for.

In my latest Huffington Post blog, I talk about five things older parents can do to protect their young children.  Having certain types of insurance, an updated will or trust and a financial advisor are major steps for planning to make retirement savings last, regardless of how many people in the house are wearing diapers.