Life doesn't happen in neat little boxes. Everything overlaps. It's not unusual to be dealing with multiple priorities.
We have multiple ways to help. That's why your Edward Jones Financial Advisor asks questions about what's important to you. Once we understand your priorities, we can help you document a specific retirement goal. Then we can develop strategies – based on your risk tolerance and current financial picture – to help you achieve it.
Below are some things to consider if you are still caring for a child or helping an aging parent.
Child at home?
Many families have children later in life, meaning their post-secondary education and your retirement may be happening at the same time. If you're still supporting a child, you’ll need to prioritize the goals of retirement and paying for education.
There are loans for post-secondary education but not for retirement. So you may decide to focus on your retirement strategy. However, keep in mind that there are government grants available for education savings if you contribute minimum amounts annually.
We don't believe you have to pick one goal over the other. Remember, there are ways to balance the goals of saving for education and retirement.
Caring for an aging parent?
You may need to juggle your retirement savings with the needs of your elderly parents. Even if you don’t have to contribute financially, you may need to spend time and energy making sure your parents’ situation remains positive.
Use our financial checklist to help you begin to navigate caring for an aging parent.
How we can help
In any case, your goals don’t have to be mutually exclusive. Talk to your Edward Jones Financial Advisor today about how to help ensure your strategy addresses all your financial goals.