Expanding Your Family
A Schwab Financial Consultant can help you:
- Reassess your short- and long-term financial goals, taking into account child expenses and daycare/education costs.
- Get insight on how to adjust a family budget to incorporate your new addition(s).
- Discuss life & disability insurance needs to protect your family.
- Review your beneficiary designations on your 401(k)s, IRAs, and insurance policies.
- Find a Schwab Tax, Trust, and Estate specialist to help you create or update your estate plan to protect your family and assets.
- Estimate how much you will need to save for college. Discuss opening a college savings plan to begin saving early: consider a 529 college savings plan to take advantage of tax benefits.
Call us at 877-302-5886 or visit your local branch.
What to do on your own:
- Request a Social Security number for your new child (if applicable).
- Update your budget and adjust your spending. Factor in costs such as diapers, formula, clothing, child care, and medical insurance.
- Visit schwab.com/moneywise for helpful tips, activities, and tools you can use to raise money-savvy kids.
- Use our College Savings Calculator to estimate the projected cost of college based on when your child will start.
The information provided here is for general informational purposes only and should not be considered an individualized recommendation, personalized investment advice, or specific tax or legal advice. Where specific advice is necessary or appropriate, Schwab recommends consultation with a qualified tax advisor, CPA, financial planner, estate planning attorney, or investment manager. The type of securities mentioned may not be suitable for everyone. Each investor needs to review a security transaction for his or her own particular situation. Wealth Strategist consultations with a Schwab Tax, Trust, and Estate specialist are only available to clients with at least $1 million at Schwab or enrolled in Schwab Private Client. The Schwab Wealth Strategies Group also offers the Single Topic Solution consultation, which is a one-time, no-fee financial planning consultation that helps clients address a single specific planning need; it may include conversations regarding tax, trust, or estate matters. This consultation may be arranged by appointment only through a Schwab Financial Consultant.