I'm late to this party but offer kudos to you for realizing the need to plan for retirement. I suggest a family meeting to let your teens know you are about to make some spending changes. Having them manage allowances might be a 1st step in their financial education. As Steve mentioned, you must put your retirement plan ahead of 'something to give your daughters.'
As has been stated, we all have different backgrounds and priorities, remember you are free to apply the ideas that suit your needs. After paying off your car loans, I hope you will clarify your existing pension benefits. The sum you contribute to that plan can be subtracted from the amount [percentage] you contribute to your new retirement savings plan.
Most people view their home as a 'capital growth' property rather than an investment, since they will always need some place to live. What do you see yourself doing age 65-70? How do you visualize your retirement? Think about it as you put your new financial plan into place.
I suggest you run the figures, 20 % of net income + the sum deducted for pension contribution [savings], 50% of net income[basic needs] & 30 % of net income [wants/expenditures you choose]. The second part is to calculate how much you are spending in the 'needs' and 'wants' categories. Be prepared for howls of protest when you make changes. I hope you realize that many of us have had this learning curve figuring out how to manage money, plan for life events and feel the pain of the current economic turmoil no matter where we live.
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