Having a child later in life can change far more than your sleep schedule. It can completely rewrite your retirement plan.

Don and Tom explore the financial realities of becoming a parent in your late 40s or 50s, from college savings and life insurance to delayed retirement and the temptation to sacrifice your own financial future for your children. Tom brings some very personal experience to the conversation—and a few stories about being mistaken for his daughter’s grandfather.

Then, a listener asks about a simple three-fund retirement portfolio, international diversification, small-cap value, Roth asset location, and when an aggressive investor should finally consider adding bonds.

Plus, why the best retirement portfolio may be the one that keeps you from doing something stupid during the next bear market.

• 00:12 Old guys, act your age—and other financial lessons
• 01:14 Disagree with Don and Tom? Send in your argument
• 01:57 The financial reality of becoming a parent later in life
• 03:17 Tom became a father at 50
• 04:11 The dangers of grocery shopping with your daughter
• 05:21 Are older parents actually better parents?
• 06:10 How a late child can completely change retirement plans
• 07:28 Why retirement should come before college savings
• 08:48 A $36,000-a-year whole life insurance quote
• 09:08 How long does a parent really need term life insurance?
• 10:42 Fertility costs and the financial price of parenthood
• 11:28 Your retirement must remain the financial priority
• 12:50 Having a child at 50 may mean working until 68
• 13:42 What are you actually going to do in retirement?
• 15:19 Tom reflects on raising his youngest daughter
• 16:02 Don and Tom need more listener questions
• 17:17 Listener portfolio review: FZROX, FZILX, and AVUV
• 18:49 Is 50% U.S., 30% international, and 20% small value reasonable?
• 20:01 Should high-growth assets go in a Roth IRA?
• 20:43 When should an aggressive investor start adding bonds?
• 21:25 Bonds may keep you from doing something stupid
• 22:53 Remembering investor panic after 9/11
• 23:21 How to get a free Talking Real Money portfolio analysis
• 25:16 Why Talking Real Money is different

Questions? Comments? Click!