Retirement Strategies for Families With Kids

September 16, 2021

September 16, 2021: If you’ve been working on factoring family into your retirement plan lately, you may be wondering which strategies would be best to adopt. Many families with kids struggle to put together effective Retirement Plans that balance prudent retirement savings with practical family considerations.

Many families struggle with questions such as:

  • How much savings should a family retire with?
  • How much do I need to save for my children?

Fortunately, you can ensure your kids are cared for while also building your own nest egg if you follow the right planning strategies.

Balance Retirement Savings With Important Kids’ Expenses

As you already know, raising children can become quite expensive. That’s why you’ll need to budget and plan carefully in order to successfully save the money you need for retirement while also covering recurring kid expenses. You may want to automate your retirement savings to ensure you have enough when you are ready to retire Make Potential Caregiving Plans and Secure Life Insurance Early

Once you retire, your children may require caregiving. This is especially pertinent should you or your spouse pass away during retirement, leaving behind dependents. Before you enter retirement, be sure to:

  • Consider who will take care of you or your children should something happen to one of you during your retirement
  • Write up a will stating your explicit wishes to help ensure that your plans are carried out
  • Get term or whole life insurance coverage to give your family a safety net
  • Make sure your life insurance plan provides enough to replace retirement income and cover your kids’ future expenses as needed

Consider Timing Factors When Choosing Your Retirement Date

Timing is another major factor in making retirements for families more feasible. For example, if you have certain major expenses coming up in the next several years, you may want to push your retirement date out a bit more to have more working capital for those expenses. Factors to consider when picking your definitive retirement date could include:

  • Your kids’ school graduations
  • The work milestones you wish to accomplish
  • Your desired dates for moving the family to a cheaper location or into a bigger home
  • Adequate savings in your retirement nest egg

When your family has young kids to take into consideration, drawing up balanced Retirement Plans may seem tricky. Thankfully, with enough time and strategizing, you can successfully incorporate your kids into your retirement plans while still saving enough money for your own nest egg. Consider the aforementioned factors to both care for your kids and reach a financially comfortable retirement.

About 1891 Financial Life

At 1891 Financial Life, we pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance organization, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.

Our portfolio is extensive, ranging from various life insurance policies to our MYGA to support your financial needs no matter what stage of life you’re in. For more information, contact us at (855) 804-7424.