Tell Your Children About These Retirement Planning Tips if You Don’t Want Them to Become the Next Retirement Casualty
Children are unaware of the importance of retirement planning. For them, retirement is a
distant event which ranks low on their list of priorities.
You need to inform your children about the importance of retirement planning to safeguard
their future.
Retirement Planning Tips
Here are some important retirement planning tips:
1) Ask your children to think about how they want to see themselves when they retire. How
much income would they like to have? What will make them happy? What is their idea of
financial independence?
They should write down their vision for retirement. You should review their vision and
recommend changes if necessary.
The key advantage here is that your children tend to become much more focused about
something once they write it down.
2) A key question is: how much money should I save to meet my retirement goals? You should
tell your children about the crucial concepts of saving and managing money for retirement.
Here they are:
Write down your retirement vision and start saving – both of these should be done early
on in life.
Start funding your 401K/RRSP. Review your employer-sponsored retirement funding
scheme.
Make sure you get life and medical insurance.
Never use retirement funding for college fees.
Prepare a budget and stick to it.
3) Tell your children about how you can save on leisure. You neither have to skip leisure
activities completely nor spend excessively on lavish dining. The bulk of your leisure activities
should be affordable options like family picnics and dinners. You should also focus on exercise
and games. Challenge your family members to fun games in your backyard.
4) Teach your children the value of volunteer work. This will make them responsible adults, and
it will also eliminate boredom during their retirement years. Volunteer work will keep them
socially and physically active as well.
5) Take your children to successful retirees who can mentor them. Successful people can tell
your children how they can win in life and what they can do to retire successfully. They know
what works and what doesn’t in real life. Mentorship is necessary for success during working
age and retirement period.
6) Tell your children to keep a journal. Use it to note down your goals and how well you are
progressing. The journal can be used to list down your core personal values. It can also be used
to know how well you are progressing on your financial and retirement goals.
7) Teach your children about the importance of a good financial advisor. Such professionals are
your partners in financial success. They can teach your kids a lot about successful retirement
planning.
With our long experience and vast expertise, we can offer you the best retirement planning
strategies so that you can live in comfort and peace during your golden years.
Contact us today.
