This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
Parents, Stop Putting off Retirement Saving For “The Kids”
Or maybe you’re using “the kids” as an excuse to delay saving
Two of the greatest gifts you can give a kid are as follows:
Teach them how to be financially independent.
Secure your financial future so your kids don’t have to do it for you.
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It’s exceptionally easy to get consumed with raising your kids, doing fun activities, investing in your kid’s futures, paying for your kids’ college educations, and spending money that you don’t have. Most people can’t afford to do all of these things with their income level, yet they still do (using credit cards and loans), which is why they’re in debt.
I’ll never be angry at my parents for putting me in extracurricular activities, allowing me to try different schools (private, public, distance learning, and homeschool), and traveling abroad. However, I wish my parents had taken more care of themselves – financially – during my childhood.
Because they took care of us so much, they have less in their retirement savings than they could have.
But, Your Kids Might Not Be The Real Reason
Maybe your kids aren’t the reason you put off saving for retirement. “The kids” might be just another excuse to delay something that doesn’t seem that important when you’re in your 20s, 30s, and 40s.
When you’re raising kids, there are so many other variables, expenses (i.e., housing, education, travel, food, clothing, extracurricular activities, emergencies, and medical) and distractions that constantly present themselves in a way that can eradicate any urgency within someone to invest in their financial future.
Preparing for Retirement
Here are six steps you can take to help you prepare for retirement:
Determine the total amount of money you’ll need in retirement.
Determine the amount of money you’ll need to save each month to reach this retirement goal.
Create a budget and figure out how much money you need to earn each month to save this amount.
If you don’t earn enough income to meet this monthly retirement obligation, find a way to increase your income or decrease your expenses to meet this goal.
Do not compromise this monthly savings goal for anything or anyone. One way to take care of your kids is by showing them that you value financial stability, financial independence, and your financial well-being.
Teach your kids to earn money as early as possible to start their financial independence journey and offload some of your expenses.
As a kid who watched her parents sacrifice their retirement savings for their family and because they had a lack of urgency – stemming from a lack of education – you can do differently.
There is always a way to take quality care of your children and save for your financial future. Neither has to be compromised.
Get creative and start saving, so your kids won’t have to take care of themselves, their new family, and you financially.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.