Financial Gifts for Children and Retirement Spending

The chapter covers topics on how to manage financial gifts for children, recommending options like 529 accounts and ugmas to mitigate tax consequences, while emphasizing the importance of instilling financial education. It also discusses transitioning from saving to spending in retirement, offering advice on setting spending guardrails, identifying personal goals, and making purposeful spending decisions. Further, the chapter explores the financial considerations of having access to a pension and a 457B plan through an employer, emphasizing the significance of understanding contribution requirements, rollover options, and advantages of a 457 plan for early retirement scenarios.