Securing Their Future - Retiring with Special Needs Children

Retirement Answer Man

Roger Whitney, CFP®, CIMA®, RMA, CPWA®

Lifeplanning, Retirementplanning, Financialplanning, Saving, Careerplanning, Self-improvement, Education, Retirementpodcast, Investing, Business, Investmentmanagement, Retirement

4.7 • 1.1K Ratings

🗓️ 14 August 2024

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you have a special needs child, you know that your retirement plan will need to include plans for their future. How do you create a great retirement while honoring and caring for your child with special needs who will most likely live beyond your years? That’s what we’ll be learning today.

In this episode, Matt from Haystack Financial Planning joins me to explore this question. His practice specializes in serving the disabled community and he offers years of experience in this area. Press play to learn what you can do to take care of your children while making the most of your retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

RETIREMENT PLANNING WHEN YOU HAVE A SPECIAL NEEDS CHILD

[2:30] Why Matt chose this path
[4:25] How to plan for your child’s needs
[7:40] How to determine the costs needed
[12:02] What other tools do these children have available to them?
[14:38] What is an ABLE account
[20:07] How to approach guardianship
[22:42] Resources to help

LISTENER QUESTIONS WITH NICHOLE

[24:42] How Nichole has been doing
[25:25] Maggie’s backdoor Roth conversion question
[29:38] On the order of withdrawals in retirement
[33:33] How much will I need to self-insure for long-term care?
[40:46] How to handle finances as a newly married couple
[45:55] My plans with Michael Easter

TODAY’S SMART SPRINT SEGMENT

[47:39] Limit your exposure to mainstream media related to the election

Resources Mentioned In This Episode

Haystack Financial Planning

ABLE 529 account

BOOK - The Special Needs Planning Guide by John Nadworny

BOOK - Retire Secure for Parents of a Child with a Disability by James Lange

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Roger’s Retirement Learning Center

Transcript

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0:00.0	The show is a proud member of the Retirement Podcast Network.
0:04.4	Welcome to the show dedicated to helping you not just survive retirement,
0:07.8	but to have the confidence because you're doing the work
0:10.1	to really lean and rock it. My name is Roger Whitney.
0:14.0	By day I'm a practicing retirement planner with 30 years experience,
0:18.0	founder of agile retirement management.
0:20.0	And for the last 10 years or so, I've used this weekly podcast as my tool to hone my
0:27.7	craft as a retirement planner, but even more importantly to hopefully empower you to do your retirement planning well but not create a second job or new job in retirement.
0:40.8	The whole point of the exercise is to go create a great life, not to be a retirement
0:45.5	planner in retirement.
0:47.5	Today on the show we're going to continue our survey of unique retirements and focus on people that are retiring with children
0:56.2	with special needs or disabled children and how that adjusts the retirement
1:01.8	planning process.
1:02.8	To help us, we have Matt from Haystack Financial Planning
1:06.3	who focuses on people with disabilities
1:08.8	and people that have children with disabilities
1:11.5	in their financial planning.
1:13.0	And this will be a good primer on the subject.
1:16.0	Any one of these unique retirements we could dedicate a whole month to,
1:20.0	but I wanted to make sure we at least created some general knowledge of this so we can start going deeper in the months and years to come from a planning perspective.
1:30.0	In addition to that, we're going to have Nicole Mills on the show, she hasn't been on in a while,
1:35.2	to answer some of your questions around backdoor Roth contributions,
	...

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