Raising children, especially covering post-secondary education, can lead to costs ranging in the six-figure sums, advising retirees to save extensively before retirement.
Prospective retirees with young children should accumulate enough savings to tackle unforeseen expenses, keeping in mind rising educational and healthcare costs.
The Reddit poster forecasts a $5 million FIRE number, yet real expenses for a child's development from 0 to 21 could be drastically different from estimates.
While early lifestyle costs are simpler to predict, eventual career choices, inflation, healthcare, and educational expenses introduce complexity & unpredictability into future budgeting.
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