Supporting Adult Children Without Ruining Your Retirement

Be one of a kind with Mike's plan.

Welcome to the One of a Kind Financial Show Daily with your host, Mike Milligan. It is Thursday. Ever wonder why keeping up with the Joneses never actually feels like enough? Today we're talking about the hidden cost of comparison and how your financial plan should be built around your life, not someone else's. In this intriguing conversation that Gary and I had on the One of a Kind Financial Show, This past weekend, you're going to hear things about, uh, can I afford that? How do you view a version of someone else's success? And then we're going to talk about some key ways and costs that show up over time. Enjoy this segment. And as always, you don't need to compare yourself to anybody. You are unique. You are one of a kind. Start the rest of your life with the journey of the One of a Kind Financial Planner.

All right. On Super Bowl weekend, Mike just called an audible. We're going to do questions before the last segment. We'll do it This is the One of a Kind Financial Show. I'm your consumer advocate, Gary Nolan. Back with us to help you take charge of your money is Mike Milligan. Mike has helped hundreds of clients achieve their financial retirement goals. If you missed the phone number in the prior segment, here it is, 800-748-1838, or text the word ideas to 600-700. Well, here we go. The kids moved back in again. They're finally settling into a quiet retirement, but now the 33-year-old moved back in just for a few months, but it's been a year. How do you support adult children without jeopardizing your own retirement stability? What do you think?

Well, I mean, this is a fun one, Gary, right? I have kids who are 28, 24, and 20. And I think it'd be fun right now for them to move back in for a couple weeks or a month, especially the one with the grandkid. But of course, they're all in a good spot right now where I don't think they're coming back. But man, I hear from my clients and from my friends where this happens all the time. And what was supposed to be a A couple weeks because of relationship difficulties turns into 6 months. What was supposed to be 6 months turns into 2 years. It's tough out there right now. The job market is struggling. People, the relationship rate of failure is going up. And what you have to do is you have to have a financial plan that is dynamic, that can adjust as life adjusts. See, we can't— We can always sell a little bit of Nvidia stock or we can reallocate so you can get maybe an additional $500 of income if you've done well saving in the past. What we can't do is get rid of a kid who's in trouble.

Yeah.

And that time, this time that you're going to help this 33-year-old through a difficult point in their life, what it really means is they may get a little bit less in inheritance, but this time could be very valuable relationship-wise. for you and that child. And you could pass on much more during this period than you ever could when they were 1 or 2 years old. So I would say embrace it. And if you need more income, you need to liquidate something, you need somebody with a, uh, that has a keen eye for transitional financial planning, look no further than the One Oak Financial team.

All right, how about this one? Dream house or downsize? Attempted to buy a lake house in Michigan for $450,000, but their financial plan called for downsizing, not upsizing. So how do you make a big purchase in retirement make sense? Or is it a fast track to running out of money? What do you think?

Gary, we had a, we had a radio listener who called in and we started working with their financial plan. And, um, they had a, they had a one-size-fits-all advisory firm out there trying to tell them that they were not going to be able to retire. They needed to work longer because they couldn't make the assets they had, the guaranteed pension that they had, Social Security strategy. They couldn't make it, make a strategy to support the income they wanted to. So this client comes and starts working with us. We get him retired. And if he's listening now, he knows who he is. And if his wife's listening, they know too. And then he gets retired. In the first meeting after retirement, he says, by the way, I know you had planned for me paying off my house in 6 years, but— We put an offer on a new house. And I was like, okay, let's figure this out. How much more is the mortgage going to be than your current mortgage? Let's figure out the timing on it. See, we had created a plan that was dynamic that now allows this husband and wife to go from a 2-story house to a 1-story house. It's not necessarily downsizing square footage. It definitely wasn't downsizing mortgage. But what it was was getting them into a home they could live in for the rest of their life. When you work with somebody who understands the mechanisms of the federal pension system, Virginia Retirement System, Social Security, how your assets could turn into income, then a situation like this where you're looking to buy maybe a second home or move from 2 stories to 1 stories, we can help make that a reality.

Mm-hmm.

It's just financial planning. And so getting Getting stuck in what we want to do as financial advisors for our firm is not what we do. We get so invested in your plan that when your life changes and you want more, we're there to help, help you get that.

Yeah, and that's exactly what Mike did. The show is the one-of-a-kind financial show. We want you to get the one-of-a-kind financial plan. Mike's going to talk about that again in just a couple of minutes. Everything starts by picking up the phone and dialing this number, 800-748-1838. 800-748-1838. The folks at Warnock Financial standing by this weekend ready for your phone call. You like texting? Sure, why not? Ideas to 600-700. Some people don't like to talk these days, they just text. Ideas to 600-700. Again, the phone number is 800-748-1838. Get yourself all set up with that one-of-a-kind financial plan. Couple minutes left. The just-in-case hoarder, I love this one. The garage is full of things they may need someday, But their estate plan includes 27 labeled bins. How can retirees balance emotional attachment with practical downsizing? This is something advisors would help with, maybe? What do you think?

Here's my advice. Mike Milligan from One Oak Financial is probably not going to come over to your house and help you throw that stuff in the dumpster or sort through it.

No. Or call 1-800-JUNK or whatever.

Whatever. There it is. We're also not sponsored by 1-800-JUNK either, folks.

That's true. Exactly.

But if they want to sponsor us, reach out, text IDEA to 600-700, and we'll take your sponsorship. But this person, in that garage full of things, I would have you invite your kids over and ask them, what of this do you want?

Do you need? Yeah.

Or yeah, do you need? Do you want?

Yep.

And in the course of that conversation, maybe you have this in there because you don't have the energy and the strength to be able to move it out. Maybe there's some sentimental value to you that's not sentimental to the next generation, but that decluttering only gets harder as you age. As we all know, problems only get bigger the more we ignore them. So instead of growing that from 27 label bins to 32, let's look at maybe having a family weekend where everybody comes over. And says, what can we get rid of? And then when you do that, you also sneak in some family time with those kids.

Absolutely. There's some great advice along the way. All right. The One of a Kind Financial Plan, Mike, tell us about it one more time.

It's unique. It's built for you. And when I say it's built for you, every listener who's listening, the hundreds and hundreds, if not thousands of listeners, Listening this weekend to the One of a Kind Financial Show. Uh, this plan is built for you. It's just a plan you didn't know you need and you definitely don't have. Because there's other financial planning firms in town. There's other financial advisor firms in town who maybe are good at one of the 5 key components of the One of a Kind Financial Plan. But from the folks we bring into the firm, they say things like, I've never had a plan like this before. I've never had clarity like this before. I've never had advice like this. I've never had something written And you know how we know it's so good is because they're referring their kids and their neighbors and their cousins in to meet with us. Guys, the fear of missing out is a big thing. And I'm telling you, if you've never experienced the one-of-a-kind financial plan, if you don't have something clearly written down that you know is going to take care of you throughout your whole life by reducing taxes, reducing fear and anxiety over money, and having somebody who can clearly explain and educate first, then you need to call in. This Super Bowl weekend, guys, we're offering a chance for you to schedule a time with me. Gary, tell them how they can call, because this weekend I want to answer the phone for you guys, no matter who calls. And I'll talk to all of our listeners this weekend, and we could talk some things about the Super Bowl, but more importantly, we'll talk about how to build a one-of-a-kind financial plan for their one-of-a-kind life.

Absolutely. 800-748-1838. That's the number to call, 800-748-1838, or text the word ideas to 600-700- Do it right now.

This has been the One of a Kind Financial Show Daily with your host, Mike Milligan. I hope you've enjoyed these segments from the One of a Kind Financial Show with Gary Nolan and I. I need to give you a reminder, and that is that I am an investment advisory representative with Advisory Alpha LLC, member SEC. Ideas by Mike doing business as One Oak Financial. is an unaffiliated entity of Advisory Alpha LLC. All opinions expressed by me and Gary on the One of a Kind Financial Show are for education purposes only, should not be construed as financial advice, and are solely our opinions. For more information on One Oak Financial, go to the number one oak financial And, uh, if you're interested more about the book that I authored, The One of a Kind Financial Plan, you can go to amazon.com to, uh, to read the reviews and find out more about that book.

Be one of a kind with Mike's plan. Innovation, growth, take a stand. Visibility, strategy, take the lead. Transformation's yours, fulfill the need. Mike's got the way. To help you rise and stay. Leadership impact you'll find in your one-of-a-kind mind. Be one of a kind, take the flight. Mike's the guide, you'll shine bright.