Your Retirement Strategy Can Help Create Generational Wealth Tushaus Wealth Management

If part of your retirement plan involves leaving money for your family and supporting them financially after you pass away, then you want to make sure that you do it right. Complications with wills, trusts, and your wishes can lead to a lot of legal headaches and difficulties for your children. In this article, we’ll take a look at some suggestions for how you can help your children financially through your generational wealth strategies.

  1. Design your retirement strategy around generational wealth

When you think of a retirement plan, you might not think that it has anything to do with your kids. By the time you’re retired, your kids will probably be largely self-sufficient, and they probably aren’t going to be affected by how much you get from Social Security. But a retirement plan isn’t just about building wealth for your golden years–it’s also about passing on financial stability to your loved ones. With a strategy aimed at wealth protection and growth as well as tax and cost efficiency, a retirement plan can help you give your family stability for generations. Carefully considering how your retirement strategies are going to interact with your plans to pass on your money might be a good way to leave more for your kids.

  1. Design your investment plan around generational wealth

Again, your investment plan is another tool in your toolbox for trying to build generational wealth. If you want to leave your investments for your family, then it might be a good idea to plan around that. People often think of their portfolios as their portfolios. But, if you start to think about your portfolio as something you’re going to leave behind, then your investment plan can be a tool to grow your nest egg not just for you but for future generations.

  1. Keep an eye on long-term care

Long-term care or medical expenses in your later life can shred your savings if you aren’t properly ready for them.[1] The median monthly cost for a home health aid was $5,148 in 2021.[1] And the costs for nursing homes and assisted living are not much cheaper. If you don’t have a plan to cover these steep costs, your nest egg and estate plan could take a hit. No one likes to think that they will need this kind of care as they get older (especially if they feel fine right now), but having a plan in place might help you mitigate some of the costs. There are many options for long-term care, such as annuities, insurance, and various other ways to shield yourself from the costs.[1]

  1. Consider a financial professional

A financial professional is there to design a plan around your wants and needs. If you’re in a position where you want to leave money behind for your kids, a financial professional can design a plan for you that takes your circumstances into account. Not only that, but they come to the table with the technical knowledge that will allow them to guide you through the more complicated intricacies of financial planning. Consider reaching out to one of our professionals today for a complimentary review of your finances.

 

This information is provided as general information and is not intended to be specific financial guidance. Before you make any decisions regarding your personal financial situation, you should consult a financial or tax professional to discuss your individual circumstances and objectives.
Keep in mind, this article is for informational purposes only and not to be construed as financial or investing advice, nor is it a replacement for real-life advice based on your unique situation. Investing and retirement account rules are constantly changing, and it is recommended that you work with tax and financial professionals who specialize in retirement.Investment Advisory Services are offered through Tushaus Group, LLC, a registered investment adviser.

Tushaus Group, LLC does not provide tax or legal advice.