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5 retirement savings ideas for young people

Family life brings financial opportunities, challenges
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Family life brings financial opportunities, challenges

When you get married, you need to reach some common ground with your new spouse about saving and spending. With more income, you have the opportunity to save more for retirement by contributing to two retirement plans.

You also need to know what financial issues and baggage you and your spouse may bring into the marriage. "You want to understand what that person's credit history has been like and what their credit score is," says Corn. "You want to get a picture of what each of your assets and debts are, too, so you know where you stand in terms of your ability as a couple to buy a new car or a house."

As your family grows with the addition of a child or two, the challenges increase. You need to balance the need to continue to save for retirement with establishing and building a college fund. No matter how important it is for you to help your child out with college, don't skimp on your retirement savings. You can't borrow to pay for your retirement, but your child can borrow to pay for college.


 

 

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