Having “The Talk” with Your Kids

generationsLife is full of awkward, yet necessary, conversations with our kids. We talk to our young ones about chores, drugs, dating, peer pressure, homework and more. Yet many of us avoid talking to our adult children about important topics like retirement preparedness, eldercare and estate planning.

Parents approaching retirement might be pleasantly surprised to know their kids expect to help out with finances, caregiving and estate execution, according to the latest Fidelity Family & Finance Study.  In fact, the research reveals adult children often have their parents’ backs. For example, although 93 percent of parents feel it would be unacceptable to become financially dependent on their children, only 30 percent of children feel the same.

In too many cases, however, children are not aware of their parents’ wishes. Although 92 percent of parents expect one of their children will assume the role of executor of the estate, when asked, 27 percent of the kids identified as filling this role didn’t know this. While 72 percent of parents expect one of their children will assume long-term caregiver responsibilities if need be, 40 percent of the kids identified as filling this role were unaware of it. And though 69 percent of parents expect one of their children will help manage their investments and retirement finances, 36 percent of the kids identified as filling this role didn’t know.

Having “The Talk” with your kids… about retirement preparedness, eldercare and estate planning.

Why aren’t these conversations taking place? The study suggests it may be a matter of timing. About one-third of those surveyed believe frank conversations should occur after retirement and when health and finances have become an issue. At that point, however, it may be too late. These conversations should begin taking place before retirement, and certainly well before any challenges arise.

Are you ready to have “the talk” with your children or parents? If you would like help initiating the conversation, talk with your financial planner for suggestions.


By |November 3rd, 2016|Estate Planning, Retirement|

Investing in Your Grandchild’s Education

college graduate with grandmotherInvesting in your grandchild’s education is a generous gift that can have a life-long impact, especially as the cost of attending college rises every year. According to data reported in U.S. News Best Colleges rankings from 1995 to 2015, the average in-state tuition and fees at public universities grew nearly 300 percent.

You have a lot of options from which to choose. Some are more complex than others. This short video highlights some of the benefits and potential drawbacks on a few of those options.

It’s important to weigh your options thoughtfully, while also ensuring your personal financial needs are being met and that you’ll have sufficient resources in your retirement. Your financial planner can be a helpful resource and guide as you consider the best option for you and your grandchildren.

Investing in Your Grandchild’s Education


Select photos in video courtesy of Stuart Miles, dread design, cool designs, satit_srihin and adamr at

The Many Facets of Retirement Planning

Eng-webMuch of what we do at Perspective Financial Services is help our clients with retirement planning. But what does that mean and how do we assist our clients?

The most common initial area of engagement is investments. We help you build and maintain investment portfolios for your retirement nest egg. This facet includes determining the proper mix of cash, stocks and bonds that will help you reach your retirement goals. An Investment Policy Statement (IPS) stating your goals and investment strategy is an important part of retirement planning.

Another facet of retirement planning includes determining living expenses both pre- and post-retirement. Getting a handle on what your current cash-flow needs are plays a big role in trying to determine what your cash-flow needs will be in retirement. In addition to spending needs, we look at your current savings needs. Are you saving enough for retirement? If not, how much more do you need to be saving?

Essentially, what is the amount of money you need to have saved up to walk away from your current job? That’s the million-dollar question!

How you are investing, what you are saving and what you are spending are all critical facets that go into determining the answer to the million-dollar question. Other resources that may also need to be evaluated include social security benefits, pensions, stock options, royalties and rental properties, as well as the tax implications of all of the above.

Retirement planning certainly does involve prudent investment management. Yet, as you can see, there are many other facets that come into play with retirement planning, too. At Perspective Financial Services, we view the planning process as a long-term partnership in which we have the opportunity to help guide you to make sound financial decisions for yourself and your family.

By |March 21st, 2016|Investing, Retirement|