Retirement. Seems like it may be a long way off for a lot of us, but the reality is, it will be here faster than we think. Maybe you’d been saving for retirement before having kids or maybe you haven’t started saving yet. Either way adding children into the mix of retirement saving can leave you with some questions! Which is why we are so excited to share, How To Plan For Retirement while Raising Kids, from our partner Grace Braatz-Opper of Modern Woodmen of America.
Plan for Retirement While Raising Kids
Figuring out how to plan for retirement can be difficult especially when there are so many other factors at play for those of us raising families. Before kids you may have been contributing to your retirement but maybe plans have changed, as you might be thinking about college or future savings for children. Grace is here to help you create a plan that fits whatever you envision your future to hold!
Steps to Create Your Plan For Retirement
- Step One: Planning for the future can seem daunting but a good place to start is by thinking about what age you want to retire!
- Step Two: What type of lifestyle do you want to live? You can think about what future expenses you will have, what income you might have, and as always having savings for unexpected events.
- Step Three: Consider life obstacles that Grace can help you prepare for like, health care costs, inflation, Social Security uncertainty and more.
- Step Four: Assess if a IRA or 401(k) plan is a fit for you.
- Step Five: Make a plan to start saving that lines up with your retirement goals along with your other financial goals for your family.
- Step Six: Work with Grace to implement your plan and start saving every month!
The truth is that it’s never too early to start saving. Working with Grace will allow you to feel confident in the process of saving for retirement and the future.
