Wednesday, September 4, 2013


August and September Financial Tips

Retirement planning doesn’t end when you retire. If you start out spending your savings too fast, you may be in trouble later. Your financial professional can review your expenses and figure out how much money (or the percentage of your assets) to withdraw each year. Setting up a tax-smart withdrawal plan that keeps your money growing tax deferred as long as possible can help your savings last. All else being equal, tax-deferred investments grow more quickly than taxable ones because you don’t lose part of your returns to taxes each year. The specifics or your withdrawal plan will depend on your personal situation.

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The job of teaching your children good money management skills falls primarily on your shoulders. To help, here are a few ways to encourage your children to be financially savvy.

  • Give your children an allowance for household chores to teach them that work done well equals good pay.
  • Have your children keep a list of things they want. As birthdays or holidays approach, ask them to rank their top five choices. They’ll learn to think about purchases before making them.
  • Explain to your kids how opening savings accounts will not only keep their money safe but also help it grow.
  • Help them set time frames for meeting their goals.

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