Adequately funding your retirement should be your first priority, but what if you also want to contribute to your grandkids’ education? We asked Larry Mathis, CEO of Mathis Wealth Management in Phoenix, Ariz., to explain how to do both.
Larry Light: Is it true that one of the best things you can do for your children and grandchildren is to make sure they don’t have to support you in your old age?
Larry Mathis: It may sound a little selfish at first, but when you think about all the stresses and strains that are put on a family by caring for aging parents who have no resources of their own, it is really one of the most unselfish things you can do.
Light: That said, are there some actions you can take now, that can be a huge help for making sure the next generation also get the education they need to be successful, while still contributing to your retirement fund?