Preparing for whatever the future may bring is an important step toward financial security, so it’s wise to set money aside for any known expenses you may incur down the road. For everyone, this includes retirement planning, but those with children also need to consider college funds for their dependents’ education. Considering that both retirement and college tuition expenses occur around the same time, as well as the growing cost of post-secondary education, it’s imperative that your financial plans include both important investments.
Prioritize Your Dallas Independent Financial Planning Options
Your Fort Worth retirement financial advisor or Colleyville financial advisor will tell you to establish your independent financial planning priorities now–such as retirement investment and understanding social security. If retirement planning is most important to you, then focus on that for now, as your child can apply for loans to pay for their schooling, but you can't do that for your retirement.
Increase Your Dallas Retirement Planning Savings
If your child is young, increase the amount you contribute to your retirement savings each month for Fort Worth retirement planning. This allows you to have a healthy sum set aside while paying for your child’s college tuition. You can always reduce this monthly contribution to your Colleyville retirement fund, should the need arise.
You should also ask our Fort Worth retirement financial advisors about establishing a 529 plan–a college savings account with numerous tax benefits.
Invite Your Entire Family Into Your Independent Financial Planning Goals
How can you and your family save money and establish healthy financial habits? Even seemingly small adjustments to your budget can have long-term effects that will benefit everyone. Reducing household expenses on frivolous items that you can then, in turn, put toward your Dallas retirement savings will yield higher returns than many realize. Consider simple changes, like making coffee each morning rather than purchasing from your neighborhood cafe, or reserving dining out for special occasions and cooking at home instead. These small adjustments add up over time and also help your children better understand the importance of fiscal responsibility.
Talk to Your Fort Worth Retirement Financial Advisor About New Investment Opportunities
Make your money work for you. Our Colleyville retirement financial advisors can provide guidance regarding the types of investments that will work best for you and your family. Our team stays up-to-date on market trends and adjusts our recommendations accordingly, offering sound, pragmatic advice. Contact us today to discuss your Fort Worth independent financial planning and begin your path to financial stability both today and in the years to come.