• June 2016

What Are the Top Three Opportunities to Help Your Children Plan for Their Future?

By Michael Egan, CFP®
CERTIFIED FINANCIAL PLANNER™
Partner, Egan, Berger & Weiner, LLC

One of the biggest things you can do to ensure the success of your financial plan is to make sure your children have a plan. I have seen so many good financial plans derailed over the years because of parents’ need or desire to help out their kids, or grandkids.

The statistics are staggering:

  • 35 percent of Americans say they have no money saved for retirement. (Harris Interactive, 2011)
  • 56 percent have less than $25,000 saved for retirement. (Employee Benefit Research Institute, March 2011)

Here are key milestones when you can encourage your kids to plan ahead — so they can avoid becoming one of those statistics.

1. Graduation. It’s May, a big month for college graduations. Most parents believe that once they get the kids through college, their job is done! Some believe the job is done when their kids get their first career-oriented job. I would say it is not done until your kids develop their first financial plan.

For a new college grad, the focus might be on:

  • Needs versus wants
  • Getting the right savings rate for retirement
  • Building cash reserves and/or
  • Determining an appropriate 401(k) investment allocation
  • Debt management

2. Marriage and kids. When your child is getting married, that is a good time to consider if they have the right amount and type of life insurance to protect their new spouse.

3. A new baby. Similarly, if your child is having a first baby, planning ahead might include getting educated on college costs and determining which savings plans to consider — as well as possibly increasing life insurance coverage.

Didn’t you always say “if only I got started saving earlier …”?

A good financial plan never stops evolving and it adapts to the changes in your life. Help your children get started on their plan today by introducing them to your financial adviser.

Questions? As always, if you have questions about your retirement or any other financial matter, please reach out to your EBW financial adviser or Idelis Favole at ifavole@ebwllc.com.

Learn more about Egan, Berger & Weiner, LLC at EBWFinancialNews.com and EBWLLC.com.

http://www.pr-rules.com http://www.beinkandescent.com/tips-for-entrepreneurs/2230/what-can-entrepreneurs-do-to-fight-for-human-rights-karen-hanrahan-explains http://inkandescentnewsletters.com http://www.beinkandescent.com/tips-for-entrepreneurs/299/dr-ben-carson-offers-advice-for-entrepreneurs-on-how-to-conduct-a-best-worst-analysis http://www.beinkandescent.com/tips-for-entrepreneurs/1702/marketing-professor-raj-sisodia-on-the-future-of-business-success http://www.beinkandescent.com/tips-for-entrepreneurs/401/robert-s-rules-for-non-profits-businesses-volunteers-and-donors http://www.beinkandescent.com/entrepreneur-of-the-month/2055/the-fun-of-paying-it-forward http://www.beinkandescent.com/tips-for-entrepreneurs/653/guy-kawasaki-s-journey-to-enchantment http://www.sharonarmstrongandassociates.com http://www.weaversway.coop http://www.beinkandescent.com/tips-for-entrepreneurs/461/business-tips-from-the-love-doctor http://www.beinkandescent.com/tips-for-entrepreneurs/690/good-ideas-optimism-and-a-healthy-splash-of-doing-good-success http://www.beinkandescent.com/entrepreneur-of-the-month/2100/Montpelier http://www.beinkandescent.com/tips-for-entrepreneurs/714/wannabe-fools http://www.beinkandescent.com/entrepreneur-of-the-month/650/guy-kawasaki-s-enchantment-the-art-of-changing-hearts-minds-and-actions http://www.beinkandescent.com/tips-for-entrepreneurs/530/to-everything-turn-turn-turn-roger-and-camilla-mcguinn-s-tips-for-entrepreneurs http://www.beinkandescent.com/tips-for-entrepreneurs/1763/how-to-create-a-lean-in-circle http://www.beinkandescent.com/entrepreneur-of-the-month/650/guy-kawasaki-s-enchantment-the-art-of-changing-hearts-minds-and-actions http://www.beinkandescent.com/tips-for-entrepreneurs/447/a-look-inside-the-nature-conservancy www.houseofsteep.com http://www.beinkandescent.com/entrepreneur-of-the-month/1924/michael-franti http://www.beinkandescent.com/entrepreneur-of-the-month/954/martha-beck-helps-you-find-your-way-in-a-wild-new-world http://trulyamazingwomen.com http://www.beinkandescent.com/tips-for-entrepreneurs/426/insights-on-business-from-the-rosetta-stone http://artatlargeinc.com/ http://www.beinkandescent.com/tips-for-entrepreneurs/620/unleash-your-potential http://www.beinkandescent.com/tips-for-entrepreneurs/1202/3-ways-to-become-more-empathetic http://www.beinkandescent.com/tips-for-entrepreneurs/1819/mansour-javidan-s-tips-for-successful-global-leaders http://www.beinkandescent.com/entrepreneur-of-the-month/818/reebok-s-president-uli-becker-jumpstarts-the-shaping-up-of-america http://www.beinkandescent.com/tips-for-entrepreneurs/501/lee+woodruff+tips http://www.beinkandescent.com/entrepreneur-of-the-month/1058/michael-gerber-takes-us-inside-the-dreaming-room http://www.beinkandescent.com/entrepreneur-of-the-month/1127/entrepreneurs-in-education http://www.inkandescentnetworking.com www.bartlettpearinn.com http://www.inkandescentpr.com http://www.beinkandescent.com/tips-for-entrepreneurs/205/muhammad-yunus-tips-for-entrepreneurs http://www.beinkandescent.com/entrepreneur-of-the-month/1163/what-it-means-to-have-it-all-insights-from-52-truly-amazing-women-and-some-amazing-men http://www.beinkandescent.com/tips-for-entrepreneurs/1462/government+rules http://www.beinkandescent.com/tips-for-entrepreneurs/359/steven-schussler-s-5-ps-for-business-success-personality-product-persistence-people-philanthropy http://www.beinkandescent.com/tips-for-entrepreneurs/1918/dr-andrew-weil-s-tips-for-achieving-emotional-well-being http://www.beinkandescent.com/tips-for-entrepreneurs/102/the-bognet-way http://www.beinkandescent.com/tips-for-entrepreneurs/236/nell-merlino-s-tips-for-entrepreneurs http://www.beinkandescent.com/entrepreneur-of-the-month/2082/what-will-your-second-act-be http://www.beinkandescent.com/entrepreneur-of-the-month/2163/holy-bagumba-kate-dicamillo-s-flora-ulysses-takes-readers-on-an-incandescent-adventure-costco-connection http://www.beinkandescent.com http://inkandescentnetworking.com/index.php?s=host-directory http://www.inkandescentnetworking.com http://www.beinkandescent.com/tips-for-entrepreneurs/152/tactical-tips-from-gina-schaefer http://www.beinkandescent.com/entrepreneur-of-the-month/1081/Pamela+Hartigan http://www.beinkandescent.com/entrepreneur-of-the-month/2041/PR+Rules http://www.beinkandescent.com/tips-for-entrepreneurs/2201/can-lsd-and-ecstasy-help-us-harness-the-power-to-heal http://www.beinkandescent.com/tips-for-entrepreneurs/1870/dr+ruta+aidis http://www.crewscontrol.com http://www.beinkandescent.com/entrepreneur-of-the-month/1966/selling-with-noble-purpose-what-you-need-to-know http://www.theinkandescentradioshow.com http://www.beinkandescent.com/entrepreneur-of-the-month/2100/Montpelier http://www.beinkandescent.com/tips-for-entrepreneurs/736/the+four+generations http://www.andyhinesight.com/ http://www.beinkandescent. com/tips-for-entrepreneurs/586/ I%27ll+Mature+When+I%27m+Dead http://www.beinkandescent.com/entrepreneur-of-the-month/974/dont+sweat http://www.beinkandescent.com/tips-for-entrepreneurs/270/jonathan-alter-s-tips-for-entrepreneurs http://www.beinkandescent.com/entrepreneur-of-the-month/893/Maria+Bartiromo http://inkandescentnetworking.com/?s=network http://www.beinkandescent.com/articles/?c=hiring http://www.beinkandescent.com/entrepreneur-of-the-month/1007/the-science-of-healing http://beinkandescent.com/back-issues?q=2011-10 http://www.beinkandescent.com/entrepreneur-of-the-month/2147/andy-hines-shines-a-light-on-the-future-of-the-workforce http://www.beinkandescent.com/entrepreneur-of-the-month/863/ridley-pearson-lights-up-the-sky http://www.currysauto.com http://www.beinkandescent.com/tips-for-entrepreneurs/1737/Zieglers+7+Tips http://www.beinkandescent.com/tips-for-entrepreneurs/1791/7+Top+Dog+Tips http://www.beinkandescent.com/tips-for-entrepreneurs/2229/science-of-gratitude http://www.beinkandescent.com/tips-for-entrepreneurs/183/ted-leonsis-tips-for-entrepreneurs http://www.beinkandescent.com/tips-for-entrepreneurs/1897/mob-rules-what-former-heist-expert-louis-ferrante-can-teach-you http://www.inkandescentspeakers.com http://www.beinkandescent.com/tips-for-entrepreneurs/1272/Seth+Goldman http://www.beinkandescent.com/tips-for-entrepreneurs/1849/Charting+the+Course http://www.weaversway.coop http://www.beinkandescent.com/tips-for-entrepreneurs/781/alan-webber-s-favorite-rules-for-2012-and-beyond http://www.beinkandescent.com/tips-for-entrepreneurs/323/the-magic-of-blackboard-inc http://www.theessentialhrhandbook.com http://www.beinkandescent.com/tips-for-entrepreneurs/653/guy-kawasaki-s-journey-to-enchantment http://www.beinkandescent.com/entrepreneur-of-the-month/1987/darrah-cloud http://inkandescentpr.com http://www.beinkandescent.com/tips-for-entrepreneurs/561/starbucks-rules http://www.beinkandescent.com/tips-for-entrepreneurs/21/julie-s-tips-for-entrepreneurs http://www.beinkandescent.com/tips-for-entrepreneurs/1288/do-you-have-the-barefoot-spirit-here-s-are-11-ways-to-harness-it