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The Reality of Retirement Planning for Millennials
The first thing that should be understood about retirement planning is that the sooner you start saving the better. According to the same article from CNBC, 65% of Gen Y believes that Social Security won’t be a viable source of income during retirement. And who could blame them? The social security trust fund is set to completely deplete by the year 2034.
As a millennial, your best plan of action is to start saving now. Only 26% of Gen Y own stocks, and this is because even those who are thinking about retirement don’t necessarily have the funds coming in every month to be saving or investing anything. The next step in your retirement plan of action should be to get organized. Once you have started a plan with an actual fund, you need to get it organized bymaking sure you know where your money is invested. Tracking your investment is vital to building up your retirement fund.
While the future of retirement may look dim for Generation Y. With the right type of retirement planning and strategy, Millennials can get right on track with preparing for the golden years.