Your whole life can be divided into crucial milestones. Amongst the many significant turning points in your life, parenthood and retirement can be your topmost priority. Since both these events can require special financial attention, you should maintain a balance between retirement planning and your child’s education.
Many of you might start your financial planning in advance to save adequately for your retirement as well as your child’s education. Although beginning the planning early might seem like the right choice, learning to prioritize your goals can be essential. It can be common to be in a dilemma of whether you should secure your retirement period or fulfill your child’s educational needs. Therefore, let’s take a look below to understand how you can attain a balance between these critical goals of your life:
Parenthood can be the most exciting yet the most challenging period of your life. While your child grows up, you might leave no table unturned for your little one. As a parent, you might not only be present for your child emotionally but also financially. While meeting the financial requirements can be essential during this period, securing your retirement can play a critical role. If you build a stable environment for yourself beforehand, you can manage the financial responsibilities towards your kids.
Retirement planning should be held as a priority in your life. If you delay the retirement planning procedure until your children are ready to head off to college, you might not be able to save an ample amount of money before reaching the retirement age. The easiest way to build a substantial corpus for your retirement is by starting your retirement planning at a young age. When you begin early, you can have more time in your hands to generate wealth for a comfortable retirement period. As an aspiring retiree, you can take help of a retirement calculator to determine the amount of money that you might require for retirement.
Since your primary life goal might be your child’s education, you might wish to utilize your hard-earned savings for them. However, there can be alternative ways such as child plans, scholarships, and so on to meet the educational requirements of your child. When it comes to retirement, you should have an adequate amount of savings as well as the right retirement plans to secure your future without compromising on your current living standards. While savings can be crucial, a retirement policy can provide you with a monthly income to meet your routine needs when the flow of professional income stops.
According to a report, parents in India spend an average amount of Rs. 3.62 Lakh for the undergraduate and post-graduate studies of their children. Many of you might feel that your child’s education should be your sole responsibility. As parents, you might be overwhelmed to ensure that your child receives the best education. Therefore, you might prioritize their education over your retirement planning in advance. Failure to secure your retirement during your active working years can put you and your child in a financial turmoil in the future. Moreover, you might depend on your child when he grows up rather than being financially independent after retirement.
To conclude, you should stop feeling bad about putting yourselves before your children. When you make your retirement a priority, you can ensure your little one’s safety in the long run. In simple terms, the safer your life, the safer your child’s future. That way, you can avoid the financial burden on your children in the future when you are old without a steady income flow. Get your Retirement Goals Done wisely.