How to ensure your children have the best retirement they can afford

Julie Brownlee, Fsp Invest, 19 Jun. 2014

Tags: retirement, retirement planning, children’s retirement, financial management, financial education, retirement savings,

It’s only really once you get within ten or 20 years of retirement that it really dawns on you the importance of financially preparing for it. Of course, you probably know that the earlier you start saving, the better your retirement is going to be. And the older you get, the less you can do to change it. But you can ensure that your children possess the know-how to have a very comfortable retirement. Let’s take a look at what you should share with them…

Start educating your children early about financial management

From a young age, it makes sense to instil in your children some important elements of financial management, Marc Lichtenfeld in Investment U explains. This includes things like:
  • Not buying things you can’t afford;
  • Saving some of your monthly salary; and
  • Not getting into debt.
As they get older, you need to include some retirement planning advice. Ideally they should start making provisions for their retirement as soon as they leave school or varsity.

By starting early, your children will be in a great position to retire comfortably. They will also not need to put so much away on a monthly basis if they start saving towards their retirement early.

If you’re children are too old to benefit from these chats, make sure you target your grandchildren. You may even be in a position to start off their retirement savings.

How your child can boost their retirement savings

You need to help your children see how they can achieve good savings and what a difference this will make to them later in life.

You can suggest ways they can save and invest for the future.

One idea is investing in solid dividend paying companies. By investing in companies that look set to pay dividends every year at an increasing amount, they’ll benefit from the income they generate in later years.

*********** New release ************

Retirement should be the time when you really begin to live your life

Whether it’s visiting the Cape winelands, walking the pristine beaches of Plettenberg Bay or touring the South of France, your retirement should be the time when you do the things you’ve always wanted to do.

If this doesn’t ring true for you… Or if you’re beginning to scale down your life… Then you need to click here!


And by starting early, the power of compounding will have astonishing effects.

It’s important that you help your children understand the financial choices that they have. This might mean providing them with the necessary reading material in books or online.

So there you have it, how to ensure your children have the best retirement they can afford.

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