Here’s the deal. I don’t care how you plan on retiring. I don’t care if you don’t care, but if you have children you better take this one seriously. Try this one on for size; raise your hands if you would like to live in a retirement home? Put your hands down if you’ve never spent extensive time in one. Raise your other hand if you don’t think you will develop significant health problems as you age. Put you hand down when I remind you that no one has died of old age since 1951, which incidentally is the same year they took that classification off of death certificates.
Too many times parents put their retirement plan on hold to fund things like college for the kids (bad idea) or just to be there to help them out financially as they become adults. That only works until you end up needing that retirement fund. If you aren’t willing to take the time now to prepare for your future you are placing a high amount of liability in the hands of your children who will be the ones to make the difficult decisions you should have made yourself. Like I said, I don’t care if your idea of retirement is living on beans and rice–you’d probably be healthier. However, don’t put your children in the position of having to choose between your health care or their children, a nursing home or in-home care, or going into debt to pay for you, etc.
I wish there was a nicer way of saying this, but unfortunately it’s just something you need to do.