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Factors You May Not Have Considered When Planning for Retirement
investing-my-money | Read Time: 3 minutes
By Donald Lyons, CFP®, NSSA® | Published: November 2023

Retirement—the end of perhaps a thirty-to-forty-year career. You have worked, saved aggressively, paid off your mortgage, met with your financial advisor and now it’s time to pack it in. Whether it’s moving south to Florida or heading west to Arizona, year-round warm weather may be what you have in mind for retirement. However, what happens when things don’t go according to plan? Here are factors you may not have considered when planning for retirement.
Having Children Late in Life
Americans are delaying marriage until much later in life and with that comes a delay in family formation. It’s highly probable that individuals who have children later in life are more financially stable, but it also puts added pressure on their ability to save for retirement, which could come at the same time their children are entering college. This means you will have to prioritize which comes first, saving for retirement or your child’s college education. You can’t borrow for your retirement the way you can for a college education.
A Child Pursuing A Degree
If your child wants to pursue an undergraduate degree or even an advanced degree, this could come at the cost of your retirement. You can use money left over from a 529 plan to offer assistance or help by providing financial assistance through an allowance, paying rent, or buying groceries. If your child works full-time, many employers will offer tuition assistance programs that could help offset the cost. You can always encourage your child to apply for scholarships and grants.
Caring for Elderly Parents
Adults who are simultaneously caring for aging parents and children of their own are known as the sandwich generation. Those who find themselves in this position, mainly women, are tasked with the responsibility of serving as their parent’s power of attorney, managing their finances, paying bills, and arranging care. One of the most difficult undertakings is helping parents move, either out of their home into yours or a retirement community. Shouldering the responsibility of parental care while at the same time planning for retirement may cause additional stress.
Long-Term Care
Separate and apart from traditional healthcare costs, long-term care can be one of the most expensive aspects of retirement. To the surprise of many, long-term care cost is not covered by Medicare. Unfortunately, those who suffer from a stroke, dementia, or even Parkinson's could find themselves in long-term care which can last several months to several years. Planning for the long term should start in your late 50s to early 60s to get a sense of whether you can self-fund or use a long-term care policy, life insurance policy, or Medicaid planning.
Life is filled with the unexpected, which is to be expected. Retirement planning is a multistep process that evolves over time, and with anything financial, everyone has a different situation which makes it imperative to seek guidance from your tax advisor, attorney, and financial advisor.
About the Author – Donald Lyons
Donald Lyons is a Wealth Strategist with Bryn Mawr Trust. With 20 years of experience in wealth management, he provides high-net-worth clients with fiduciary and investment management services. Donald provides comprehensive financial planning focused on income replacement, asset management, incapacity, and estate planning. He also has experience working with endowments, foundations, and other nonprofit institutions.
Donald is a CERTIFIED FINANCIAL PLANNER™ professional.
This communication is provided by Bryn Mawr Trust for informational purposes only. Investing involves the risk of loss and investors should be prepared to bear potential losses. Past performance may not be indicative of future results and may have been impacted by events and economic conditions that will not prevail in the future. No portion of this commentary is to be construed as a solicitation to buy or sell a security or the provision of personalized investment, tax or legal advice. Certain information contained in this report is derived from sources that Bryn Mawr Trust believes to be reliable; however, Bryn Mawr Trust does not guarantee the accuracy or timeliness of such information and assumes no liability for any resulting damages.
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