Retirement Planning for Young Families

What does retirement planning for young families look like? If you are a young family starting to think about your future, you should realize that you have the advantage right now. With time on your side, you can make the most of even the smallest amount of money. The benefits of compound interest will allow you to actually save less each year and have more money later. Most likely though, you are left wondering how much do we need to save or where to invest your money. You may even be wondering where to start? What is the best investment? Or how to juggle saving for retirement while you have costs of childcare? I won’t be able to address all of these questions today, but it is important to address them now, at the beginning of this series on retirement.

Everyone has questions about Retirement

These are normal questions to ask. The first step in any retirement plan should be to realize that you are not alone in feeling uneducated. Everyone has questions. It is only the people who seek answers that will be on their way to a comfortable retirement. If you are afraid to ask these questions now (when you aren’t expected to know the answers), think how much more difficult it will be to ask them when you are middle age.

Retirement Planning Starts with Saving Money

If you are spending more money than you make, it will be difficult to save for retirement. Realizing that retirement planning is dependent on extra money that you save each month will go a long ways to helping you reduce your spending (if you are over-spending your budget each month). If you want to have a comfortable retirement, you need to cut back now so that you can have security later. It’s all about delayed satisfaction. If you can overcome this obstacle, you will be well on your way to a comfortable retirement.

12 Responses to Retirement Planning for Young Families

  1. […] I have been in seminary for some time now. It’s no secret that graduate students do not make a lot of money and are often just scrapping by on the part-time jobs they have. It was just a few months ago that a good friend of mine was trying to raise money to go to Africa. She was not going to be able to go without some extra money. Because my funds are limited already, I knew I couldn’t afford to help her AND also pay a percentage of my income to my church. I strongly believed that she was supposed to go to Africa and so I decided to give the money that I would normally tithe to her. If you ask me, there is something in this personal story that helps challenge the normal understanding of tithing. After all, it’s not like I was hoarding it away for myself, like putting money into my retirement fund. […]

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  5. Kacie says:

    I think living on less than you earn right now is a good start, but it’s not enough. Even living on 90-95% of your take-home pay might not be enough for a comfortable retirement. It’s important to run numbers to know where you’re at.

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  8. My advice to anyone thinking about saving for retirement is save plenty and start saving early. That way you will not only have more time to grow your money but you will not have to worry so much down the road about saving to begin with because you will have already done lots of saving.

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