Help Your Children Get a Let Up in Retirement

Retirement can be a long way off for teenagers, but given how much retirement can cost–and the costs will probably continue to rise throughout future generations–there’s no such thing as getting too early of a head start. No, you teenager might not fully appreciate how much such steps may help in the future, but that shouldn’t be a good enough reason not to at least talk to your teenager about starting to save for retirement as soon as they are able. Of course, you can start off through conversation. However, if you really want to make an impression, you may Continue reading Help Your Children Get a Let Up in Retirement

Retirement Today Will Be Different From Retirement Tomorrow

I cannot predict the future, but I am very, very comfortable in saying that retirement will be different for future generations that it is for current retirees (and those about to retire). As to how different, I don’t know, but as with many things, it will change with each future generation as it has for past generations. Not only will retirement itself be redefined, but so too will the ways that people save for retirement. It’s already happening. For example, younger generations today have extensive resources and opportunities available to save for retirement, but they are also looking at longer Continue reading Retirement Today Will Be Different From Retirement Tomorrow

Trusting in a Trust

There’s a good chance that you have a will, especially if you have assets that you want to share once you have passed on. If you don’t have many assets or few family and friends to share them with, then you can get by with a simple will (i.e. maybe a page or two long saying who gets what). However, if you have young children–or grandchildren–a simple, boilerplate will probably won’t cut it. Furthermore, if you find that your will may end up leaving a large inheritance to a child or young adult, you will want to consider guidelines and Continue reading Trusting in a Trust

Balancing Your Retirement With Supporting Your Children

It’s not uncommon to find young adults in their 20s (or even 30s) living at home or relying on their parents for financial support. Younger generations have struggled in recent years finding their footing in the real world thanks to tough economic conditions and soaring student loan debt. As a result of this, many parents have continued to support their young adult children through various means, whether it be paying phone bills, credit card bills, or helping out with rent. No parent wants to see their children struggle, but as you move towards retirement, you need to be aware of Continue reading Balancing Your Retirement With Supporting Your Children

To Leave or Not to Leave?

Whether or not you want to leave a legacy for your children and/or grandchildren can be an important part of retirement planning. If you would like to leave behind a pot of money for your loved ones, then you will want to plan to do so. That may mean saving a lot of money towards retirement or finding ways to fund your retirement needs/expenses without touching your nest egg or being creative when it come to cutting down on retirement expenditures. Furthermore, the decision to leave behind money when you pass away may need to be made early in your Continue reading To Leave or Not to Leave?

Remind Your Kids: Save Early, Save Often!

The best way to set yourself up for a comfortable retirement is to start saving as early as possible. This means as soon as you have income, you start putting some of it towards retirement. If your first job is with an employer that offers retirement savings benefits, then take advantage of them. It’s even sweeter if your employer offers matching contributions (extra $$$!). If you are well into your career and have children or grandchildren entering the working world, take some time to remind them of the importance of saving for retirement. They might roll their eyes or talk Continue reading Remind Your Kids: Save Early, Save Often!

Thinking About Your Children When Estate Planning

I’ve mentioned the importance of estate planning here on this blog at times in the past as something that you should include as part of your retirement planning. After all, it will most likely be your remaining retirement funds that are left over after you pass which will need to be divided up. Also, it’s one less thing you will have to worry about once a plan has been put in place (barring any life changes that is). Traditionally, people often think of estate planning as something done later in life, especially once it is clear what your assets are Continue reading Thinking About Your Children When Estate Planning

Divide and Conquer: The Benefits of Dividing an IRA

You’ve heard a lot of talk on this blog over the years about consolidating IRAs, particularly as you move through retirement and as a means of maintaining efficiency and control over your money. What we have rarely talked about is actually splitting up your IRAs, which is also a thought you may want to consider–especially if you want to leave money behind for a spouse or children. If that is the case, you should consider dividing your IRA into two, so that the spouse is named as the sole beneficiary of one of those IRAs and your child (or children) Continue reading Divide and Conquer: The Benefits of Dividing an IRA

One More Advantage to Multiple IRAs in Estate Planning…

Yesterday I wrote about how having multiple IRAs can help you with estate planning as a vehicle for bequests and a way to leave money for friends and family. One thing I left out was how IRAs can provide an easy way for your heirs and beneficiaries to use disclaimers and pass the money on to other heirs. An example of when this might be done is if an adult is named as the beneficiary of an IRA and is in a high tax bracket and does not need the retirement money. That adult, however, may have children who could Continue reading One More Advantage to Multiple IRAs in Estate Planning…