With the children grown, career behind you and retirement lifestyle likely already defined, it's time to purchase our Retirement Plan. Generally 60 years or older, common life events we'll help clients plan for include maximizing Social Security, enrolling in Medicare, estate planning, or taking care of other family members at home, whether a boomerang child or older parent. Many clients also will want help avoiding retirement mistakes they watched their parents make, and this plan will address that as well.
Those who are in the full swing of work and family life will want to purchase our Pre-Retirement Plan. These are often the highest earning years, from age 45 to 65, and so it is crucial to carefully coordinate advisers. There's typically a 15-20 year gap until children leave their parents' payroll, so we'll include a checklist for the next decade-plus to help these clients secure retirement while wrapping up the parenting stage. We will also help clients centralize all accounts and financial documents in our eMoney software.
Once a couple is established and ready to start a family (or has just started one!), it's time for the New Arrival plan. Usually in the age range of 30-45, we will develop a plan at the child's birth to start saving for college. To benefit from compounding interest, it's crucial to begin early! And, not including college, it costs about $235,000 to raise a child from birth to age 18. We can help clients determine appropriate levels of insurance coverage to make sure the family is protected while those kids are growing up, while also helping these clients save for future financial goals.
This stage of life usually involves some asset growth and the need to merge two separate budgets. We'll remind these clients of the importance of living within their means as they save for the future. We'll help with planning whether to maintain separate or joint accounts, costs associated with having a family, and we'll go over the assets and liabilities each person brings to the marriage. Ideally we would have started these conversations with an On Your Own package for each person, but new clients will benefit too.
The On Your Own plan targets recent graduates who are joining the workforce for the first time but haven't yet gotten married or started families. For these clients, we'll look at income and assets, which will likely be limited but have much potential for future growth. We'll work with each client to establish what it looks like to live within his or her means, review employee benefits, and be a resource for questions regarding managing student loans and major purchases such as cars or homes. We'll also discuss automating savings for emergency funds, retirement, and insurance coverage.