In this episode of the Roadmap to Retirement Podcast, I am joined by Nick Savas CFP® RICP® to discuss financial planning strategies tailored for young families, particularly focusing on a typical 30-something couple with young children. We explore key topics such as balancing savings for both retirement and college education, evaluating life insurance needs, and leveraging tax strategies like 529 plans and Dependent Care FSAs. Emphasizing goal setting, we advise prioritizing retirement savings as there are borrowing options for college but not for retirement. Nick and I want to emphasize the importance of life insurance, offering insights into determining the right coverage and correcting common misconceptions around it. Covering many topics from the challenges of saving for a child’s future amidst high childcare costs to offering a realistic view on budgeting versus expectations. With practical advice and detailed explanations, the episode aims to guide listeners through the complexities of financial planning for young families.

Tune in next week for a new episode!