Financial Planning for Retirees, Their Kids, and Their Grandkids

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#89 – Sometimes, retirees think, “I wish I had started my financial planning at an earlier age.”

If you’ve ever felt something similar, don’t let your children and grandchildren make the same mistake.

You can encourage them to start thinking about their finances at an early age by getting the much-needed money conversations started — something that has been a taboo for many families in the past.

In this episode, Jeremy Keil speaks with Anthony Delauney, CFP® BFA®, ChFC®, CRPC®, RICP®. Anthony shares the No Regrets Retirement Roadmap to help you plan for your ideal retirement, along with tips to help your future generations get started.

Anthony discusses:

  • The importance of your “retirement vision” and how to find it
  • Tips to gain better control over your income stream and taxes in retirement
  • A fun activity to teach children about finances
  • Qualities you should look for in a prospective financial planner
  • And more

Financial Planning for Retirees, Their Kids, and Their Grandkids

1) For Retirees

Some key retirement planning areas that Anthony Delauney highlights in the podcast are:

  • Retirement Vision:

Oftentimes, we have grandiose ideas about exotic vacations, daily golfing, and other fun activities in retirement.

However, structure is extremely important for a successful retirement — and it begins with your retirement vision. You need to know what your vision for retirement is and things that will bring you consistent joy and happiness.

For couples, it is a shared vision. If both partners keep their desires to themselves, it can result in what Anthony calls “the silent treatment” for the first year of retirement. This means that there is a discrepancy between your individual retirement goals, which can lead to frustration for one or both of you.

Once you know your retirement vision, you can figure out the technical part. It’s always “vision first, numbers second.”

  • Cash flow:

Most people are used to a monthly or a bi-weekly paycheck during their working years.

But when retirement hits, you might end up with a huge sum of money and zero clue on what to do next.

Here, planning your income stream can help. First, you need to find out how much income you’ll need every month. Next, plan how you will generate the required income stream. There are a lot of different income sources, such as IRAs, Social Security, pension, etc.

Looking at your cash flow is an important step to “systemizing” your retirement plan.

  • Taxes:

There are different types of tax buckets.

The first bucket includes your taxable accounts such as checking accounts, savings accounts, regular brokerage accounts, etc.

Then you have your tax-deferred accounts. This bucket can include traditional IRAs, 401(k)s, and pensions.

Finally, you have your tax-free accounts. The most popular one is a Roth IRA.

It’s important to consider all of your income sources and their tax implications before making withdrawal decisions. These withdrawals can impact your tax brackets, your standard deductions, and your overall lifetime taxes.

  • Finding the Right Financial Planner:

Obviously, we can’t help all retirees. However, we want to help everyone find the right advisor to work with.

On BrokerCheck by FINRA, you have access to information about all registered advisors. It also provides the broker’s employment history, including any complaints against them. You can do a quick search about prospective financial planners on this website.

Next, you need to look at the advisor’s experience. If they’re brand new to the industry, they might have limited experience. On the other hand, if they have been in the industry for several decades, they might retire soon.

Another quality to look for is their education and designations. Certified Financial Planner (CFP) and Chartered Financial Analyst (CFA) are notable designations in financial services.

It’s also important to ask: What areas will they be able to help me with? For areas outside of their expertise, will they be able to refer me to other professionals — like a CPA or an estate planning attorney?

For more information on finding a right-fit financial advisor, check out: 3 Things You Should Know Before Choosing A Financial Advisor.

To dive deeper into the key to-dos for retirement planning in a step-by-step framework—with none of the confusing jargon, check out: Owning the Dash: The No-Regrets Retirement Roadmap.

2) For Young Adults

Anthony Delauney’s book, Owning the Dash®: Applying the Mindset of a Fitness Master to the Art of Family Financial Planning, applies the principles of fitness to financial planning.

One of the main ideas of the book is, “If you don’t take care of yourself now, it’s going to get more difficult later.”

So, getting the conversations started about investing, estate planning, debt management, and other financial planning aspects is crucial for young adults.

A lot of retirees hope to impart their financial knowledge to their children. If you’re one of them, Anthony’s book can be a great gift to help young adults get their financial planning started!

3) For Children

Anthony Delauney’s book, Dash and Nikki and the Jellybean Game, is a great resource for teaching children about finances.

It imparts the basics of financial literacy in a fun rhyming format that is easy to read and understand, using interactive games as a tool to understand big ideas.

This book is based on the famous marshmallow test.

The experiment tested children’s ability to delay gratification. If they could wait a little longer, they would get a bigger, more desirable treat. However, if they wanted instant gratification, they would have to settle with a smaller, less desirable treat.

It also applies to financial planning. If you’re willing to save more for your future (delaying gratification), that money will likely grow to provide a better financial future.

Consider giving this book as a post-Easter (or perhaps early-Christmas) gift to your grandchildren. It can be a lifelong lesson for them!

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If you want to learn more about financial planning, check out the resources below!

If you have any questions, feel free to contact us or our guest Anthony Delauney using the contact information provided below!

Resources:

Connect With Anthony Delauney:

Connect With Jeremy Keil:

About Our Guest:

Anthony Delauney is a financial advisor, a franchise business owner, and the author of three financial education books in the Owning the Dash series: Applying the Mindset of a Fitness Master to the Art of Family Financial Planning (2019), Dash and Nikki and the Jellybean Game (2022) and The No-Regrets Retirement Roadmap (2022).

Anthony has worked in the financial services industry since 2003, helping families develop financial plans that comprehensively address their broad range of goals and dreams, including cash flow management, debt elimination, protection planning, new home purchases, family planning, small business planning, education and retirement planning, investment education, and estate planning. He has acquired the professional certifications of Certified Financial Planner™ practitioner, Chartered Financial Consultant®, Chartered Retirement Planning CounselorSM, Retirement Income Certified Professional®, and Behavioral Financial Advisor™. He has made it his professional mission to help families make sense of and manage every aspect of their financial lives.

Disclosures:

Content

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Keil Financial Partners does not provide any tax advice. No information or results from the links should be interpreted as tax advice. Please seek guidance from a qualified tax professional for any and all tax-related matters.

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