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Retirement Planning and Saving for Retirement for Kids, Teens and Beginners

Saving for Retirement & Retirement Planning: Retirement 101: Easy Peasy Finance for Kids & Beginners

Introduction to Retirement Planning for Kids and Teens

This video explains the concept of saving for retirement in a simple, concise way for kids and beginners. It could be used by kids & teens to learn about retirement planning, or used as a money & personal finance resource by parents and teachers as part of a Financial Literacy course or K-12 curriculum.

Retirement Planning and Saving for Retirement for Kids Teens and Beginners
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Suitable for students from grade levels:

  • Kindergarten
  • Elementary School
  • Middle School
  • High School

The topics covered are:

Income in Retirement

Retirement Planning for Kids Teens and Beginners
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I don’t want to work forever…

What happens when I stop working and retire? Where would the money that I need to live on come from?

I totally understand! Nobody wants to work forever, right?

After retirement, the government helps to some extent through social security payments, but you need to plan ahead and save for retirement yourself.

When should I start saving for retirement?

A year before I retire?

No, ideally you should start saving for retirement from your very first pay check. If you haven’t started yet, you should start right away!

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Remember what we talked about while discussing compound interest? The earlier you start saving, the more time your money gets to grow exponentially through the power of compounding.

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Is there a specific age for retirement?

65 is widely accepted as the age for retirement, but people may retire earlier or later depending on their personal situation.

If you feel you have saved and invested enough money that would generate adequate income to live comfortably during retirement, you can retire even when you’re much younger than 65.

Starting to save early for retirement would give you this flexibility.

Well, how do I save for retirement?

You should set aside some money from every paycheck towards retirement.

Saving for Retirement for Kids Teens and Beginners - Retirement Accounts - 401k IRA Roth IRA
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This money should be invested using specific accounts meant for retirement – these accounts provide income tax breaks and can also offer some other advantages like the employer matching your contributions.

Examples of Retirement Accounts

Can you give me some examples of such retirement accounts?

Retirement accounts can be accounts that provide tax breaks when you make the investments, like 401K and IRA, or accounts that provide tax breaks when you withdraw money after retirement, like Roth 401k and Roth IRA.

We’ll talk about each retirement account in detail in separate videos.

Video Featured in the Below Financial Literacy Course for Kids & Teens

Download Transcript: Ideal for Use by Teachers in their Lesson Plan to Teach Kids & Teens

Podcast: Saving for Retirement and Retirement Planning

Saving for Retirement - Retirement Planning
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