Waiting to Save for Retirement Until the Kids Leave Home? (& How Much Money You Need to Retire) – Episode 15
It’s not uncommon for us to meet people who will save rather passively, with the intention to start saving aggressively once their kids move out and graduate from college. Today, Kendall and Phil are talking through whether this strategy works!
For any retirement strategy, it’s important to consider your unique goals, income needs, and lifestyle expectations. In this conversation, you’ll hear some common challenges we see here at 210 Financial and practical ways to determine how much you need to save before retiring.
As always, thank you so much for watching and listening!
1)Set your priorities. What is most important to you? When it comes to balancing things like paying for kids’ college and your personal retirement goals, which one is more valuable to you? There’s no “right” answer, but understanding your priorities helps you make clear decisions.
2)How much you need for retirement is unique to you. There are some people who need to have a large amount of money saved up to be able to live off of. There are others who will be completely fine living off other sources of income like pension, social security, business income, etc. It’s important not to make a strategy just off of general advice; make sure it makes sense for your unique situation.
3) Save as much as you can. Save as early as you can. The earlier you can start saving, the more compound interest can work on your behalf, and the less stress you will likely leave yourself with later in life.
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