Want to retire at 60 and help take care of your parents in their old age? How to do financial planning? Check out the experts’ advice

She recommends that they increase their emergency fund to $30,000, roughly three months of take-home pay, and more strategically open three additional high-interest savings accounts: for cars, travel, and housing. This will allow them to save for their specific major goals without feeling like they’re taking money away from other important things. To start, she recommends $500 in each account, or $1,500 per month.

Sund wants Christine to get a $500,000 term life insurance policy for the next 20 years or so and to max out her contributions to a 401(k) when it starts.

She recommended that the Zielinskis move to Roth retirement accounts, including Roth 401(k)s when possible, or open individual Roth IRAs while they still qualify for income. Unlike tax-deferred accounts, which the Zielinskis have for their investments, Roth contributions are all after-tax, and any growth and withdrawals are tax-free.

If medical needs arise in the near term, health savings accounts should shift to a more diversified asset allocation than an S&P 500 index fund, Sund said. Meanwhile, retirement and investment funds should be aggressively mixed to reflect the Zielinskis’ age. They should talk frequently with their family about what the future will look like. That way, they’ll be prepared if their parents’ needs become clear.