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5 Retirement Tips for Millennials

We believe everywhere around you, there is a resounding sentiment about Millennials. No, it’s not about their music choices or how they don’t eat at Applebee’s anymore, it’s about how they have little saved for retirement.

According to a recent article by CNN, most Millennials aren’t saving adequately for retirement.

“But a new report shows just how far off track they might be. About 66% of people between the ages of 21 and 32 have absolutely nothing saved for retirement, according to the National Institute on Retirement Security. The report is based on Census data collected in 2014.” - SOURCE: CNN.com1

Articles like this, which there are many, can be daunting for any Millennial looking to start saving for retirement. We want them to know that yes, there is still hope and it may not be as scary as it may sound to start saving.

Here are a few tips to get the ball rolling when it comes to saving for your retirement. In our opinion, one of the most important steps is to contact the Steel Valley Investment Group of Raymond James as we can potentially get the ball rolling even faster for you!

  1. Start now: The earlier you can start putting something away, anything, the better. The longer you wait to do this, the less you’ll save in the long run.
  2. Understand that you can save despite not having disposable income: We understand that between rent and car payments and insurance, there isn’t a lot left at the end of the month. However, by forgoing eating out once or twice a month, you can already start saving toward your future.
  3. Start thinking of it as routine: Adding saving for your retirement to your monthly budget can sometimes seem easier if you simply think of it as another bill that you need to pay. Change your thinking and discipline.
  4. Live within your means and know when to say “no”: Understanding your limits is important when buying a car or getting an apartment. It’s also important to weigh the pros and cons of taking a vacation to San Francisco, or saving that money for the future.
  5. Establish clear financial goals: These can be personal goals or goals that you make with financial planning help. No matter what they may be, having them is important so that you can achieve milestones and reach the future you want.

As we said before, we’ve been there, too. With a little bit of help and a change in a few habits, saving for your future is not a thing of the past!

 

Any opinions are those of the author and not necessarily those of Raymond James. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct. Investing involves risk and you may incur a profit or loss regardless of strategy selected.

1 http://money.cnn.com/2018/03/07/retirement/millennial-retirement-savings/index.html


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