Teach Your Children Early on About Saving

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San Diego Gas & Electric employees should start by writing quantifiable goals that have realistic time frames and targets. You should strive to have a certain amount of money set aside to act as your nest egg throughout retirement. You should also be prepared to have your retirement last a good bit longer than the retirement of your parents. Advances in the medical field occur on a regular basis and we are getting good at keeping people alive and healthier for much longer periods of time than we once envisioned possible. Longevity is becoming one of the most significant risk factors that today’s retirees face. The fact that we are living longer and healthier lives mean you better be prepared for your retirement from San Diego Gas & Electric to last several decades. Having multiple streams of income can help you ensure your nest egg lasts that long. One of the most important steps that you can take in order to prepare for your eventual San Diego Gas & Electric retirement is establishing a financial plan for yourself and your family. It is also vital you create an emergency plan in the event a sudden situation arises. What if your spouse gets laid off? What if you have a parent who requires assistance on a regular basis? Of course, you’re going to do everything you can to help your family, but those things have expenses, and if you’re not ready for these unexpected things, they can derail any plans that you had in place. If you happen to be between the ages of 40-59, you probably already know what it means to be part of this sandwich generation. Maybe you’ve had personal experience with a parent or a child. At the very least, you probably know someone who has had this experience.

'I wish I would have taken the time to plan for these things before they happened.'

Start today, don't fall into this category!

Don’t let that be you. San Diego Gas & Electric employees, it is important to take the time to sit down and start to plan out the rest of your life. You might just be doing yourself a favor that your entire family will thank for you down the road. There are ways to empower the next generation, and that starts by teaching your children the importance of saving at a young age. T. Rowe Price's 11th Annual Parents, Kids & Money Survey found that nearly half of parents said they miss opportunities to talk to their kids about money and finances. We have always been told that children learn by example, they see, they do. San Diego Gas & Electric employees, it becomes necessary to provide a proper financial model to inspire children in the household to do the same. This applies to household spending and savings habits as well.

If your children see you or hear you talk about saving on a regular basis, they will be more likely to do so themselves. The same can be said for budgeting for big-ticket items like family vacations or home improvements. This is not to suggest you tell your children exactly how much money you have or how much you paid for everything. Rather, involve them in the process of saving, budgeting, and planning for both the short and long term as they get older and more independent. Children and teenagers often have difficulty thinking past the “here and now” so it is normally easier to start with things they can relate to. As an employee of San Diego Gas & Electric company, If your daughter really wants a new cell phone, it is important to sit down with her and work through how much she has to save each week or month to accumulate enough to buy it and still have funds left over for a later purchase. This may motivate her to do some extra chores around the house or opt-in for more babysitting jobs instead of watching more television!

San Diego Gas & Electric employees would certainly benefit your kids to go with you while you make the savings deposit into a bank or credit union or watch while you send funds electronically to a savings or investment account. Once they are able to understand the concept of saving, share with them the earnings they accumulate in their savings and investment accounts.

Have your teenager pick a company whose name they are familiar with or have an interest in and make a game out of tracking the stock price regularly. Did the stock pay a dividend? Did its price drop significantly? Your role as a parent and San Diego Gas & Electric employee is to help them to research what happened and why. Encourage teenagers who are of high school age to take a basic finance class. Learning early how to pay a bill and balance a checkbook can save aggravation and frustration later and help give them the feeling they are more empowered to manage their own money. Just like anything else, some kids will take to this better than others but it never hurts to start early.

The Retirement Group is a nation-wide group of financial advisors who work together as a team.

We focus entirely on retirement planning and the design of retirement portfolios for transitioning corporate employees. Each representative of the group has been hand selected by The Retirement Group in select cities of the United States. Each advisor was selected based on their pension expertise, experience in financial planning, and portfolio construction knowledge.

TRG takes a teamwork approach in providing the best possible solutions for our clients’ concerns. The Team has a conservative investment philosophy and diversifies client portfolios with laddered bonds, CDs, mutual funds, ETFs, Annuities, Stocks and other investments to help achieve their goals. The team addresses Retirement, Pension, Tax, Asset Allocation, Estate, and Elder Care issues. This document utilizes various research tools and techniques. A variety of assumptions and judgmental elements are inevitably inherent in any attempt to estimate future results and, consequently, such results should be viewed as tentative estimations. Changes in the law, investment climate, interest rates, and personal circumstances will have profound effects on both the accuracy of our estimations and the suitability of our recommendations. The need for ongoing sensitivity to change and for constant re-examination and alteration of the plan is thus apparent.

Therefore, we encourage you to have your plan updated a few months before your potential retirement date as well as an annual review. It should be emphasized that neither The Retirement Group, LLC nor any of its employees can engage in the practice of law or accounting and that nothing in this document should be taken as an effort to do so. We look forward to working with tax and/or legal professionals you may select to discuss the relevant ramifications of our recommendations.

Throughout your retirement years we will continue to update you on issues affecting your retirement through our complimentary and proprietary newsletters, workshops and regular updates. You may always reach us at (800) 900-5867.