As we had a financial planning meeting scheduled with Dave Sands this week, I had spent some time looking at our expenses, investments and future plans. My research led to a couple of questions - should we still contribute to Cameron's 529 with the downturn in the stock market, would Dave still be able to be our financial planner if we moved out of state and what should our monetary goals be as we transition from high tuition costs to thinking about retirement. Dave answered all of our questions easily and we felt comfortable with his knowledge.
Today I had a lot of time to think about our conversations last night. I felt really good about everything except for long term care insurance. I had never really thought about getting it until the last couple of months. I knew that insurance was only worth the price if you used it and I wondered if we would ever need it. I also was interested in the costs of long term care. I was able to find a lot of answers online and felt comfortable with our choices for now.
In all of my research the answers that I most found interesting was related to skilled nursing care. The advice strongly recommended not hoarding all of your cash as it would end up all going to your care. A nursing home couldn't lay claim to your retirement account or real estate, but would use up all of your cash. That made me feel great about our decision to pay for the our own children's college. Stashing all of our money away for some day thirty years from now would never benefit the Heinisch children, but investing in their education now made a huge difference in their lives. We even hoped to be able to establish a 529 for any grandchildren that we have to help our children pay for their own children's college. We knew that would have really helped us out when we started this adventure in 2013.
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