5 things Millennials Need to Know About Retirement
If you are between the ages of 13 and 35 you are considered a millennial (according to The Atlantic). This is an exciting time for you, because maybe you are just starting out in your career, starting your family, and just beginning your financial journey. It can also be intimidating, because even though retirement feels like it is YEARS away, it won’t be long until you wish you had saved for it. As your financial advisor in Jefferson City, there are a few things you should consider when planning for retirement.
Your Student Loan Debt
Millennials take a lot of criticism in many different arenas, but the truth is that in the student loan department - you have it hard. Statistics show that the average college graduate owes $33,000 in student loans, which is a huge inflation from the $15,000 that only 45% of college graduates had in 1993. It doesn’t get any easier when more and more millennials are borrowing to pay for college, and the percentage just keeps rising. The biggest problem is that your twenties and thirties are your most important years for saving for retirement, and many millennials are having to use those years to pay off astronomical amounts of student loan debt.Learn About Your Finances
While Millennials are attending college, there are studies showing that they are less financially literate than older generations. It’s important to take some time to learn about your finances and how to prepare for your retirement. Not only do you need to learn about retirement, but you need to learn about your employer’s pension plan, how to avoid expensive forms of borrowing, and even how to engage in safe and smart credit card behaviors. If you don’t know about your finances and how to make smart decisions, I am only a phone call away. It’s time to set up an appointment with your Missouri financial advisor.Improve Your Savings.
Did you know that if you aren’t saving for retirement you are getting further and further away from your nest egg goal? A popular thought among our parents and grandparent’s generation was that you would need to save around $1 million for your retirement, but now studies are showing that because of the longer lifespan of Americans, you should really try to hit a $2 million retirement goal. Does that seem impossible? It’s only impossible if you never start. Let me help you analyze your financial situation and financial goals to help you achieve financial success.The Millennial Income
Studies show that more than 60% of Millennials don’t negotiate their salary when they receive their first job offers. Negotiating doesn’t put you at a disadvantage with other applicants, just so you know. It is said that 80% of students and graduates who negotiate a higher salary are at least partially successful, and 90% of employers have never retracted an offer because an entry-level applicant tried to negotiate their salary. Negotiating can bring you more income, and more income can help you save for retirement - they go hand in hand.Does Your Company Match For Retirement?
Do you know the answer to this question? If you don’t, it’s time to go find out. Many Millennials are getting hit with a double whammy because not only are many millennials working for less than $40,000 a year, but they are not maximizing their employer’s match. The average U.S worker forgoes $1,336 per year or an extra 2.4% in retirement savings - does that make you feel sick to your stomach? It’s time to find out what your employers are making available to you and utilize it.
Time to Make a Plan
It’s time to get savvy about saving - and if you don’t know where to start, I would love to help you make your goals. THIS is the most formative time to start investing in your future, and if you’ve neglected your retirement fund, as your financial advisor in Jefferson City, MO, I want to help . Let’s sit down and start making goals, and from those goals, making plans for you to reach them. Give me a call at 573-636-3222 for a FREE consultation.You can trust the Wallstreet Group to assist with your financial and insurance goals - follow us to learn more!
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