Millennials and Retirement Advice
Millennials are heading toward an age where retirement should be on their minds - not because they’re going to retire soon (the oldest of them are 36 years old), but because this is the ideal time to start preparing a retirement strategy.
The single biggest financial regret of Americans is waiting too long to start saving for retirement. By putting off saving for retirement, the clock is ticking against you with every day that passes.
Start now. Develop a savings habit. Take advantage of your employer’s 401k match, and invest the maximum amount possible. When you reach retirement age, you’ll be thanking your lucky stars that you did.
Some advisors might tell you to reach for a specific goal amount that you need to have saved for your retirement.
But the truth is, there is no “magic number.” How much you need to save for retirement will depend entirely on your spending habits. Even someone who saves $2 million will run out of money in retirement if they spend extravagantly and don’t adhere to a budget. Whereas someone who has only $500,000 might live comfortably if they have a lifestyle that does not require much cash.
Invest wisely and conservatively. A middle ground approach may be the most sensible and pay off dividends over time. And time is something that you have as a Millennial, especially when it comes to your retirement planning.
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.
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Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
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David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC
Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com