Hyden, Miron & Foster, PLLC Law Blog

Tuesday, November 15, 2016

Millennials And Boomers Should Be Planning For Their Retirement, Now

What are the top 5 things millennials should do right now for retirement?

Millennials have now beaten out the boomers for top spot in our population. This generation is characterized by high educational debt and a later start on the career path.  This puts them seriously behind the 8-ball when it comes to retirement planning.

We often here the tenant “invest early and invest often,” but with an average student loan payment of $351, plus rent or mortgage, auto loans and other living expenses, investment seems like a pipedream for many.  Many millennials become apathetic when it comes to planning for their retirement. That, along with the mentality that they are invincible and there will always be more money somewhere.

Top 5 Millennial Retirement Planning Tips

Top investors recommend investing $1,000 per month for a good 40 years in order to retire with a premium nest egg. Consistently socking away $1,000 a month for that period of time, with an 8% return on investment, can leave you with a sizeable balance of $3,515,281 when you retire.

  • Even if you can’t manage $1,000 a month for retirement, sock away as much as you can and take advantage of employer-match programs.
  • As your income increases, increase your investment, not your lifestyle.
  • Re-invest any dividends you may receive.
  • Take an active role in tracking your investments to ensure they are performing as needed.
  • Avoid credit card debt at all costs.

Foregoing an extravagant lifestyle and doing what you can to invest as early as possible can go a long way to increasing your retirement funds.

The cost of aging is increasing every year. In addition to financial planning, millennials would be wise to purchase long term health care coverage as early as possible to minimize premiums and maximize their care options.

Talk to an Experienced Retirement Planning Attorney

Taking steps to plan for your retirement now can improve your quality of life as a senior citizen. The retirement planning attorneys at Hyden, Miron & Foster can provide you with expert advice as you move through the next stages in life. Contact us today or call 888.770.1848 for a consultation.

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