If your children are like mine, they aren’t going to notice/appreciate this funding of their accounts until they are much older. Mine tend to think of it as some account they can’t touch until age 75Ooops, sorry. I thought I was on the Bogleheads Forum, where we've internalized the lesson to "Invest early and often," LOL.I am sure I will be alone in my view about this, and I am sure that my view is right.
Retirement savings is important for young adult workers, but saving for the many important things in near term life is equally or more important for young adult workers. For teenagers who have not yet completed high school/college, this is really stupid to be focusing so much on allocating savings for retirement that is 40+ years away. This is just so misguided. It is short-sighted even though surely you think you are being long-sighted. This is really dumb. Thank goodness my parents did not screw up my mind and my financial thinking with this kind of baloney.
Retiring next summer, at age 59 with enough money forever, did not start retirement savings until age 32.
But in all seriousness, at worst I've thrown away a bit of money, and at best I've started to ingrain in my kids the importance of investing, compounding, and thinking about the future. (And like I said, they both already own HYSAs with money they've been putting aside for years.)
Thanks, everyone, for your fantastic responses: I'll spend some time thinking through these options.
Statistics: Posted by 986racer — Fri Oct 04, 2024 9:49 pm — Replies 24 — Views 1801