Growing up, I never saw my mom struggle with financial burdens. It could have been the childhood obliviousness or the fact that my mom made sure I had everything I ever needed. The reality struck when I got a little older and realized that my mom put almost all her funds into supporting me and a little set aside for herself as a single mother. She wanted to ensure that I was taken care of first and set up to have a successful future, which most parents do.
As a parent, it can be challenging to put yourself first, but the reality is that there comes a time when your children grow up and can support themselves. When that time comes, and you don’t have to help your children financially, you must think about how much you have left for yourself. For a lot of parents, they find they haven’t set much aside for themselves and their retirement. Even though they don’t regret what they have given their children, parents might wish a little more had been set aside for themselves as they grow older and cannot work to support themselves.
There are ways that parents can both save for their retirement and still have enough money to support their children. Here are some tips on how to retire comfortably and still have your children live their lives to the fullest.
1. Create a custodial brokerage account for your children
When your child is born, setting up a custodial brokerage account for them can be beneficial. A custodial brokerage account allows you to set money aside for your children when they are babies and can contribute to the account anytime. Throughout your children’s lives, the account will accumulate funds based on what investments were made. Therefore, by the time they go to college or need money for early adulthood housing, they can start taking it out of that account.
Build an emergency fund
It’s never a bad idea to have an emergency fund if the unexpected happens. You never know the future, whether it be a medical emergency for yourself or a family member. By contributing a little bit aside from each paycheck in a savings account or even an investment account, you have some money set aside in the case of an emergency. As a parent, you are always looking to protect your family, and having an emergency fund can help protect your family in the worst-case scenario.
How We Can Help
It doesn't have to be hard to get started. At ValuTeachers, we have the products, and our representatives have the knowledge to guide you to the best approach for you and your family so that you can retire with financial dignity. We understand that you want to be there and help your family, but let us help you with your retirement needs.