You’re Never Too Young To Start Saving For Retirement

Statistics show that less than half of U.S. citizens are ready for their own retirement. The numbers get worse when one looks at the Baby Boomer crowd, as those individuals are batting one out of three. Once concern, coloring the picture for younger savers, is the ubiquitous student loan, a millstone around many a millennial neck. Experts propose that an aggressive approach to terminating such loans be taken, but not at the expense of avoiding a savings plan. One thing all savers can consider is the amount of years that they will consider working. Even extending the deadline for stopping work by a year or two can have a large impact on the amount of money a saver accrues. One final piece of advice experts would like to dole out to the younger crowd, is to eschew job-hopping. While some tasting is in order to decide a life path, it’s impossible to get saving staples, like a 401{k,} properly in place with too much jumping from employment site to employment site.

Key Takeaways:

  • Statistics show that at best only 1 out of 3 Baby Boomers are prepared for their own retirement.
  • Working a bit longer, even a year or two, can make a large difference in a saver’s nest egg.
  • With millennials, some analysts caution that those in the age-group have a tendency to job-hop, making it hard to establish retirement staples, like a 40I{k).

“Data from Fidelity shows that only about 45 percent of Americans are financially prepared for retirement.”

Read more: http://www.wbur.org/hereandnow/2016/03/29/never-too-young-to-save-for-retirement

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