[Music] all right um Sam's question is up next. It says, We are 34 with a 5-year-old autistic son. We save 15% for retirement and 5% for an emergency fund and long-term costs. Where does planning for our son's future fit into the foo? What strategy should we be thinking about? Give me the numbers one more time. Yeah, he's 34, his son is five, they're saving 15% for retirement and 5% for an emergency fund and long-term costs. So, I'm guessing once they get over their emergency fund, it's for extra things. And so, it sounds like their son has autism, so they're thinking about, Okay, as we plan for retirement, as we look into the future, there's going to be some obligations we're probably going to have to factor in, some things we're going to have to think about. I know, Brian, you and I have talked about this a ton 'cause it is a little bit of a different mindset. There's a different way that you approach even how you think

about retirement. So, with that, did it change the strategy or how you work through the foo when you think about future obligations you might if you have a child who's a unique learner, is going to have to need assistance, you know, past the standard childhood age. Um, first, I don't mind sharing that I know this journey is not the easiest thing because to take care of these kids that process the world differently and need different education and need the occupational therapy, need speech therapy. Um, it's just, it seems like all this stuff is so expensive. So, I first want to give you a compliment. If you're saving 15% for retirement, 5% towards savings, you know, long-term, you know, cash reserves, and so forth, and you're still doing everything you can for your autistic child, kudos to you because that's not the easiest thing. Um, I know in my own journey, we've had to make some hard life decisions. Um, because it's just, I don't think people, the average person

understands how much all those therapies cost, but you want to give, and is, I think, as a parent, let me give you the emotional kind of release on this. The best thing you can do, because there's a lot of people out there trying to sell you silver bullets or other things, but the best thing you can do is try to help your child become the best version of themselves and maximize every ounce of their potential. So, that's why you do all these therapies, that's why you do the schools, so that way you don't have regrets because you feel like, Hey, did I not give them the opportunity to become that best version of themself? But I also want to free you that after you make those investments, I do think it's important that you are saving that 15 and that five because before we can start funding, because there are some basic safety net things out there, and that's one of the other things I would encourage you, you need to start doing a little research on what in your

area because every State's a little different on what type of social safety net it's out there. Um, you know, I will tell you also do some research on able accounts, but I'm going to come back to the funding of the order of operations here on this. I'm just telling you what resources you probably want to go look into. And then I've screwed this website up in the past, but the able research. Um, it's something like NR. What it's um, you keep talking off F. Yeah, Bo will give out the website. Great resource. I know when I was researching able accounts. And by the way, the way the able accounts were set up, they're very similar. They're related to 529s for people that qualify for this. The money grows tax-free and for services. And then um, it also up to a certain level doesn't count against your Social Security and other benefits that you could receive once the child reaches adulthood. Is it aelen rc.org? That's it. aelen rc.org. Great webs it, but back to

your question. I think you have to fund yourself first because you know you've already, but you've got to make sure you have some type of safety net for yourself. So, that's going to be hard. I know it's going to squeeze you. And then it's back to in the financial order of operations, probably step eight. When you get to that step, you are going to have to really start thinking about that. You don't get the relief of now I get to go buy the nicer car, I get to do other things. You have to use step eight as kind of say now I have to probably start saving and planning for what is my child going to have when I'm no longer here. And that's a heavy discussion, but it's something that I think you can make it through. And then I also want to share, you know, my daughter is 14 now, and every phase, yes, it's a struggle, but there's also a special sweetness to these kids. And um, and I will tell you, I think in your F

I don't know how many years you've known about this diagnosis. Those first two or three years, you're just struggling with it emotionally. You're also trying to find that silver bullet that's going to fix everything. And I encourage you to go on that journey, but I will tell you, I think there's also some sweetness that comes as they get older, and there's opportunities. But I, you know, it's not all bad, I guess is what I'm saying. You know, you see me, I go on trips with the family, we have a lot of memories. My daughter, I think she, I'm her favorite person on the planet. So, there's happy days coming your way. But I commend you for all the hard work you're putting into this too. You said that, you know, as you think about planning, as you and your wife sit down and do your planning, you're not just planning for one retirement, you're kind of having to sort

of plan for two retirements right. There's two different sets that you have to do, but there are tools available. You mentioned able accounts, which is a huge one, and then there are some special rules even about stretch IRAs, like even in terms of how beneficiary designations on your retirement accounts. Pay attention to that because, you know, when they took away the stretch IRA rules, you know, it used to be when you inherited an IRA, you got to expand it out beyond to your life as well. They changed that. Now it's a 10-year rule on the Roth and 401ks and IRAs, but they put a clause in there that if you have children that have, you know, these special concerns and alternative needs, they can actually still get the stretch. So, that turns your retirement accounts into these special trusts essentially. You have the able accounts, and then I don't know your financial situation. If you're wondering why I'm dancing, it's because everybody's journey is a little different. If you're close to

the safety net. I really want you to lean hard on that social safety net and understand those rules because you'll probably need to make sure you don't go past that. If you're somebody who makes a great income and you have the ability to save beyond what you need for your retirement, you're going to probably reach a point where you say, Maybe I take advantage of these tools, but I also need to build a Special Needs Trust where I'm overfunding and putting assets over here. So, that's why if you think I'm being vague, it's because I don't know your specific situation, and believe me, there's big differences depending upon where you are in your financial journey on how you're working through this.

Where Does Child Financial Planning Fit in the Order of Operations?

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Where Does Child Financial Planning Fit in the Order of Operations?

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