The 3 Things My Kids Are Doing to Prepare for Retirement, and Why I Wish I'd Done the Same

Between learning from my own mistakes and decades of writing about finance, I'm continually impressed by how confidently each of my children approaches money -- particularly when it comes to retirement planning. I'm not saying they don't ever hit a bump in the road, but their approach is so much more strategic than mine was at their age that it makes me wish I'd done the same.

Here are a few examples of what I mean.

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1. Started early

Soon after finishing graduate school, our sons started thinking about what they needed to do to prepare for retirement. They were in their early 20s and probably frustrated by how little they had available to contribute to a retirement account, but they both made an effort. By the time they had a few years of work experience under their belts, they went all in on retirement contributions.

I would much rather have started early, as they did, than play catch-up, as we have.

2. No interest in what other people think

The boys and their wives have good jobs, and both couples could easily afford a larger house or a newer car. It took me years to figure out that they weren't necessarily worried about finances. They simply knew how to prioritize, and neither gave a rip about what other people thought of the way they spent their money. Each time they got a promotion or raise, there was no change – no lifestyle creep.

Instead, they continued to invest and save. When they do retire, and healthcare expenses hit, they should have the money they need, because they'd rather plan for the future than adopt someone else's idea of what their lives should look like.

3. Regular checkups

Although one son spent more than a decade writing educational and training materials for financial advisors, he doesn't count solely on himself to ensure he's still on track for retirement. Both boys schedule regular checkups with their financial advisors and use that time to ask any questions that have arisen since their last appointment.

The reality is that an experienced fiduciary advisor (someone who's legally obligated to look out for your best interests) can help add to your bottom line in retirement. A 2019 Vanguard study found that working with a financial advisor could increase returns by 3%, often by helping you avoid costly mistakes and structure your investments in a tax-friendly way.

Perhaps the moral of the story is this: No one gets it exactly right. If you're not quite where you want to be, don't give up. The more you do today and into the future, the better prepared you'll be for retirement.

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