Retirement…it’s been something that people have looked forward to for years, some optimistically and some with dread. The opportunity to travel, spend time actively engaged with family and friends, the ability to consider a volunteer position with the idea of making a significant impact somehow, these are all some of the positive aspects that people have enjoyed during their retirements. Unfortunately, even more people, especially recently, have been faced with the economic reality that retirement isn’t as close as they expected due to an onslaught of bills and expenses together with keeping up with the costs of daily living. Many people have had to delay their retirements, in some cases indefinitely, in order to maintain a salary. The fact is that people have seen an increase in the number of years that they spend in the ‘non-working’ portion of their lives so it’s vitally important that they are adequately prepared, financially, when they get there.
Look around and you’ll see that retirement savings, or rather the lack of sufficient retirement savings, is one of the key issues facing working families today. Very often millennials and other young workers are caught in the grip of a lower-paying job yet are faced with rising living expenses including rent and student loans. Historically, it has been challenging for these workers to include retirement planning as part of their day to day living lifestyle.
One of the biggest struggles for millennials and other young workers today is being able to find that balance. We here at Remington Regent have a solution that will help eliminate that issue for your children.
Wouldn’t it be beneficial if you had an extra 10 years, a full decade of time, to start and grow a retirement portfolio that will help carry you through your retirement? Economists and tax advisers alike are in agreement that the effects of compounding over the long term are one of the keys to growth of a retirement portfolio. Starting on the road to retirement planning a full decade before people generally start to even consider beginning to invest for their future gives your loved ones a major advantage. Remington Regent is the key to making that happen for your family.
Even with the all too frequent gyrations of the stock market, a young person who is able to invest aggressively in the market today is almost assured of being able to reap the reward of a 10 year head start over their peers at retirement.
Publications including The Wall St Journal, The New York Times, Kiplingers, Money, etc. have all extolled the virtues of setting up a retirement vehicle for a child, such as a Roth or conventional IRA, as a little-known secret that is able to pay off substantially for that child at retirement time. In addition, there is no shortage of investment firms who would be happy to set up such an IRA including Vanguard, Fidelity, and T Rowe Price and it is entirely the choice of the parent/guardian as to where to open this account for their child.