A while back, my nephew told me that being successful was much harder for him than for me. He has no interest in my ideas and opinions on being successful. It's as if I'm invisible and don't exist. I can understand. My path to success was graduate from college, work for a large corporation, and retire after being their for my entire career. That doesn't happen anymore.
Also, when I started working, my retirement goal was to save $1 million, put it in a 5% CD and live off the interest for the rest of my life. After all, that would be 150% more than my starting salary. Today? $1 million is far from enough and risks running out of money in retirement. I should have made my goal $1 billion in retirement savings.
To become relevant again, I'm trying to give my kids a head start. We'll pay for college and graduate school so that they have no student loan burden. I'm also contributing a Roth IRA account equal to the maximum allowed or their annual pay, which ever is lower. Finally, we're taking the opportunity to enjoy our time together and create exciting memories in great family vacations, which I didn't do as a child.
For more on Crossing Generations, check back every Thursday for a new segment.
This is not financial advice. Please consult a professional advisor.
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