Starting a Family

You have two futures to plan for: yours and your child’s

Finances of Parenthood

Parenthood can be both wonderfully rewarding and frighteningly challenging. As your children travel this long and never-dull road from infancy to adulthood, you want to make sure they are financially secure. We know this is easier said than done – which is where Sentinel can help. 

Determine what life insurance policy is right for you and get started on planning for the financial needs of your family.

Even if you don't need complex estate planning, explore Sentinel's steps to help protect your family in the event of your death.

While paying for college may seem far away, thinking about the future now now can make your life easier later.

Reassess Your Budget

As your family grows, you may need to make changes to your budget. Living expenses may increase, new expenses may appear and your budget may need to expand to include new financial goals.

Review Your Life Insurance Coverage

What would happen to your children if something happened to you? Life insurance is an effective way to protect your family from the uncertainty of premature death. It can help ensure a preselected amount of money will be on hand to replace your income and help your family members maintain their standard of living.

With life insurance, you can select an amount that will help your family meet living expenses, pay the mortgage and even provide a college fund for your children. Best of all, life insurance proceeds are generally not taxable as income, though the cost and availability depend on factors such as age, health and the type and amount of insurance purchased. 

Keep Saving for Retirement

Many well-intentioned parents put saving for retirement on hold while they save for their children's college education. But if you postpone saving for retirement, you might miss out on years of tax-deferred growth, and it may be hard to catch up later.
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Start Building a College Fund Now

College costs may seem daunting, especially if you're still paying off your own college loans, but you have about 18 years before your newborn will be a college freshman.

By starting today, you can help your children become debt-free college grads. The secret is to save a little each month, take advantage of compounding and have a sum waiting for you when your child is ready for college.

Child's age now$100/mo.$200/mo.$300/mo.$400/mo.

Table assumes an after-tax return of 6%, compounded monthly. This is a hypothetical example and is not intended to reflect the actual performance of any investment. All investing involves risk, including the possible loss of principal, and there can be no assurance that any investment strategy will be successful.

Need Some Help Planning?

Unsure how to allocate your funds? A Financial Planner can make crunching the numbers a lot easier and help you select appropriate investments for each goal.
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Ready to Start a Conversation?

Speak with one of our Financial Planners today! Sentinel can help you prepare for your family's future:

  • Health, wealth and retirement planning
  • Life insurance
  • Estate planning
  • Saving for college
  • And other major financial considerations

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