[USER]

Please help my tired and exhausted brain with the numbers here. I am a 50 year cancer survivor and have a 14 year and 4 year old child. It took us many years to treat and recover from cancer and complete our family.

We are blessed to have our younger kid, but I am worried about her future now.

In a good case scenario I will hopefully see her graduating in around odd years but how do I plan for her future if something happens to me.

What options do I have to make sure she is secure till he starts earning.

I currently have saving of 1.5M in 401k, Brokerage etc and have a paid off house. Our yearly expense is around 120K. What should I target to save to even think about taking partial retirement to give my bones a break?

We are currently earning 250K together, but considering spouse is also getting old, I am not hoping for them to get similar money if I am gone or in a condition to not work anymore.

Spouse has Life insurance nut I do not have one and can’t have one.

How can I secure their future if something happens to me ahead of time

[Neil]

You definitely have a good start already! Praying for a lasting recovery!

Can you transition to working from home…?

[Stephanie]

In terms of #1, a life insurance plan and a will and trust that explicitly lays out what you want for your children.

[Jenny]

Set up a will and trust, set up 529 for the younger child if you don’t have one already. It looks like as long as one of you are present, the kids will be fine.

With a paid off house and $1.5 mil, they are in good shape as long as a step parent does not enters the picture to change finances.

Try to ease your mind, and know that certain things are not in your control and enjoy your life and make it count.

[Author]

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