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Planning for two generations at retirement

Typically, retirement planning involves establishing a regular savings plan to make certain that there is sufficient money available to maintain a lifestyle to which you and your spouse have grown accustomed. 


In special needs planning, parents may have to delay their retirement date or make adjustments in their lifestyle, including the ability to travel or relocate, due to the needs of their child. Saving enough money to achieve retirement planning goals may be more challenging for families with special needs because one parent may need to remain at home with the child and forego access to employer- sponsored retirement plans and benefits.  Planning for retirement usually means planning for 80 years, not 20-30 years.


  • Create and maintain a current list of all of your assets and liabilities, including insurance policies, annuities and pensions.

  • Review your retirement plan beneficiaries with particular attention if you have named a special needs trust as beneficiary. You may want to consider a corporate trustee.  They cannot outlive your child and can follow the stipulations of the trust

  • Analyze the possibility of refinancing to lock in low interest rates and use your equity to plan for your child.

  • Analyze the pros and cons of deferring your social security payments.

  • If you are eligible for a pension, carefully analyze ALL options, this lifetime decision is permanent.

  • Make provisions to protect your assets in the event you will need long term care assistance.

  • Factor inflation into your planning.

  • Review your current life insurance program to be sure it meets your long-term family needs. 

  • Have you determined the amount of money needed to provide for your child’s lifetime needs? 

  • Revisit your expected retirement age and goals considering the changing employment environment, job security and health concerns.

  • Engage a Financial Advisor to help determine the most appropriate strategy to withdraw money from your savings and investment accounts.

  • What is your residential plan for your child for their lifetime? Options including leaving your home to your child or funding a part-time or full-time residential program require properly executed legal and financial plans.

  • Residential planning: Moving out is not the only options, consider creating proper supports in your home and ultimately have the plan evolve as your circumstances change

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