Developing a long term spending plan for your family is an important part of preparing for your future. No one can predict a death of a family member however; planning for your family can help ease the financial burden.
When considering other types of family financial advice, think about what you may have been told about retirement and aging. Are you someone who wants to live out your days in the home you grew up in? Or are you interested in staying active in a senior community? Are you prepared to pay for long term medical care for a condition that worsens with age? The answers to these questions and assessing the various costs that go with them are key to properly managing your finances for the future.
If you have children, education is one of the fastest rising expenses for American families. The average cost of tuition for students who chose to stay in state was $9,410 a year, but rose to $23,893 per year for out of state students. Private institutions cost average $32,405 a year – it is easy to see how those numbers multiply quickly and can spiral out of control if a good family financial management plan is not in place.
Creating a financial plan that involves burial planning is another way your family can manage finances going forward. Investing in a family mausoleum may be the right choice for you if you want to ensure your family members are remembered together. These private above ground structures entomb multiple members of a single family and often provide surviving members with a place of solitude for remembrance. Dealing with the death of a loved one is never easy for those left behind - proper financial planning can help ease the burden.
One final way to make sure your family is managing its financial future is by properly management of your 401k or other retirement plans. Knowing the details of when you can and cannot withdraw from these types of plans can help you anticipate what is coming down the line. If you aren’t sure, seeking the assistance of a financial advisor may be beneficial.