Discover the tips and strategies that will help you achieve your retirement goals.

I'm your host, James Canole, and this is the podcast dedicated to helping you retire well.

It all starts right here on Ready for Retirement. for retirement.

Hi, everyone, and welcome back to another episode of Rady for Retirement.

I'm your host, James Knoll.

Today's episode is all about the best way to help a kid buy a home.

Now, really, this could translate to any big purchase. So what's the best way to help a child make a big purchase, understanding the different

considerations, whether it's with taxes or a cash flow or estate stuff? Let's explore what that

looks like so that you can be sure to know what's the best way, most effective way to do this

if this is something that you're going to do with your children. Now, this is based upon a listener question,

which is slightly edited for brevity, but here's the question. I am 62 years old and retired.

I receive survivor benefits in another income source. Both are adjusted annually for inflation.

These two sources of guaranteed income cover nearly all of my monthly

expenses, and I'm short maybe $500 per month. My health insurance is covered by Champ VA,

my out-of-pocket max is $3,000 annually, and there is no premium. I have two kids in their early 30s.

My daughter is in a much better financial situation than my son, and I have about $2 million

in retirement accounts, most of which are pre-tax in about $200,000 in a Roth. I also have about $120,000 in a high-yield

savings account. I'd very much like to help my son buy a house by paying for as much of it as possible.

My kids don't squabble over money, and my daughter is aware I want to do this, and she's happy for her brother. My question for you is, what is the smartest and most tax-efficient way for me to

get at my retirement savings? I would prefer not to touch the wrath if possible. I typically would never

dream of co-assigning for anyone. However, in this case, would make sense since I have the intention

to pay for the house anyways. This would allow smaller amounts

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