• Retirement

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