As Thanksgiving approaches, Andy and Adam tackle money conversations at every life stage. From teaching kindergarteners about spending, saving, and giving to helping retirees navigate Social Security claiming decisions.
Andy shares his new allowance system for his 5-year-old, designed to build lifelong financial habits through three buckets: give, save, and spend. The conversation then shifts to creative giving strategies from grandparents, including 401(k)-style matching programs that encourage adult children to save.
The second half digs into Social Security strategy, covering the three biggest claiming mistakes and why delaying benefits often makes sense when you view them as longevity insurance rather than a game to win.
We cover:
How to introduce money concepts to young children using allowances
The three-bucket system: give, save, and spend
Creative multigenerational wealth transfer strategies
Why taking Social Security at 62 usually costs you (a lot)
The importance of viewing Social Security decisions within your overall financial plan
Social Security as longevity insurance, not an investment to beat
How spousal benefits work and planning for survivor benefits
Whether Social Security will actually be there when you need it
⏱️ Timestamps:
(00:55) Teaching kids about money with allowances
(04:00) When to start financial education for children
(07:40) Creative giving strategies for adult children
(14:23) Top three Social Security claiming mistakes
(16:38) The steep cost of claiming at 62
(21:14) Looking at Social Security within your full financial picture
(24:04) Will Social Security be there when you retire?
(28:08) Social Security as longevity insurance
(33:19) Planning Social Security for couples and survivor benefits
(35:45) Podcast disclosures
Resources:
Follow Burney Wealth Management on LinkedIn | www.linkedin.com/company/burneywealthmanagement
Follow Adam Newman on Linkedin | www.linkedin.com/in/adam-newman-cfa-cfp%C2%AE-mst-ricp%C2%AE-cepa-48853916/
Follow Andy Pratt on LinkedIn | www.linkedin.com/in/andyjpratt/
#RetirementPlanning #FinancialLiteracy #SocialSecurity #TaxPlanning #WealthManagement
The Burney Company is an SEC-registered investment adviser. Burney Wealth Management is a division of the Burney Company. Registration with the SEC or any state securities authority does not imply that Burney Company or any of its principals or employees possesses a particular level of skill or training in the investment advisory business or any other business. This content is for informational and educational purposes only. It is not intended as personalized investment advice or a recommendation.