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What If I'm Caring for a Child or an Aging Parent?

Life doesn't happen in neat little boxes. Everything overlaps. If you're getting ready to retire and have children at home, are caring for an older loved one or are in another situation, you're dealing with multiple priorities. We have multiple ways to help.

That's why your Edward Jones 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 and 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 you'll focus on your retirement strategy.  However, if you feel strongly about helping your kids go through university or college relatively debt-free, you may want to focus more on your education savings options.  

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 advisor today about how to help ensure your strategy addresses all your financial goals.

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