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  • Archive for September, 2015

    Grandma’s Wisdom: Lessons about Saving and Retirement

    Sunday, September 13th, 2015

    By Kassie Barroquillo, former WISER Research Associate

    September 13th is Grandparents Day – a day when we can celebrate our grandparents and those people in our lives who fill that role. One reason to celebrate is because grandparents can provide us with wise advice based on their own years of experience. This year, WISER asked grandmothers at all stages in their lives for advice they would give their grandchildren on saving and retirement.

    Saving Early

    Linda, a grandmother of a four- and a five-year-old, said, “Every time you get any money try to save some back, even if its small amounts.” She also added that she hopes her granddaughters start saving early, so they can retire. Penny wanted her two grandchildren, seven and nine, to remember that “no amount is too small to begin saving.”

    Want to help younger children learn about the importance of saving and planning for the future? WISER has a children’s book called “Sonja Meets Her Future Self,” which teaches kids the valuable lesson of Save, Spend, and Give.

    Budgeting

    Barb, who has three grandsons between the ages of three years and three months, said they should add retirement savings to their budget. Gayle, who has three grandchildren between the ages of 10 and 19, added that they should discern between “what you need versus what you want.”

    WISER has two budget worksheets, if you want to start building your own budget: Simple Budget Worksheet and Detailed Budget Worksheet.

    When the Grandkids Grow Up

    Retired grandma to a four- and a five-year-old, Barbara, said “My advice is to save money, comparison shop, buy quality items, and to save a portion of all your pay for a ‘rainy day’…and always take advantage of employer savings programs like 401k.” She also added that if you have the means, use a financial advisor. Michelle, who has two grandchildren, ages two and four, echoed Barbara, “Definitely invest in a 401k for retirement!”

    WISER has an entire page dedicated to 401k’s here! Don’t have access to a 401(k) Plan? Learn more about other ways to save for retirement.

    A Little Advice from my Grandmas

    I asked my own grandmas what advice they would give me. My Grandma Greta has 13 grandchildren, three great grandchildren, and one on the way, between the ages of two and 38. She said I should be sure to “have enough money saved to plan for inflation. It is more than you think it’s going to be.” She also said I should consider investing in property.

    Learn more about inflation and ways to invest your savings in The Beginner’s Guide to Saving and Investing.

    I am the oldest of my Grandma Wilma’s four grandchildren at 26, with the youngest being 13. She said, “Save money in a 401k or IRA while you are working. I’ve been saving my money the entire time I’ve been working, so I will be able to live, hopefully, without depending on anybody.” She added that she always had money taken out of her paychecks and always put it in a retirement fund. Most importantly she never borrowed from it.

    To find out more about IRAs and what happens if you borrow early, see this page from WISER.

    Thanks to the grandma’s who contributed their words of wisdom and happy grandparent’s day to all!

     

    WISER

    About Us

    WISER is a nonprofit organization that works to help women, educators and policymakers understand the important issues surrounding women's retirement income. WISER creates a variety of consumer publications including fact sheets, booklets and a quarterly newsletter that explain in easy-to-understand language the complex issues surrounding Social Security, divorce, pay equity, pensions, savings and investments, banking, home-ownership, long-term care and disability insurance.

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