Prioritize saving for your own retirement.It takes many years to accumulate the savings you need to retire comfortably. Your children are likely just starting their careers, while your time remaining in the workforce may be limited to 5, 10, or 15 years. Putting yourself first isn’t a selfish move. It’s about being wise with your money. If you make it a priority to have enough saved when you retire, your kids won’t have to worry about providing you with financial support later in life.
Be strategic with your financial gifts.Like other monetary goals, it’s important to add gifts of cash to your overall financial plan. When you treat cash gifts separately, you shortchange other priorities such as retirement. What will it cost you to divert savings from your retirement plan? With a complete list of financial priorities, you can see how much you need to save to reach them all.
Consider alternate approaches to helping your kids.
Have conversations about money.Your willingness to talk about your finances is a valuable example for your adult children. So too is your attention to your retirement savings. I encourage parents to invite their adult children to attend a financial planning session with a financial advisor. It’s a time to address money concerns and explore how actions today can affect your future finances. Note 1. The Modern Money study was created by Ameriprise Financial, Inc. and conducted online by Artemis Strategy Group, December 11–25, 2018 among 3,008 U.S. adults between the ages of 30 and 69 with at least $100,000 in investable assets. For further information and details about the study, including verification of data that may not be published as part of this report, please contact Ameriprise Financial or go to Ameriprise.com/modernmoney. Ellie Stubbs is a Financial Advisor with Ameriprise Financial Services, LLC, in Barre. She specializes in fee-based financial planning and asset management strategies and has been in practice for 18 years. Contact her at ameripriseadvisors.com/ellie.stubbs, (802) 622-8060, 14 North Main Street, Suite 2001, Barre, VT 05641. Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser.
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