Financial Planning Advice for Millennials
Millennials (those born between 1981 and 1996) are one of the most studied generations. Among the findings about this group is that the vast majority of them often discuss saving, investing, and retirement planning with family and friends, according to the 2014 Transamerica Retirement Survey of Workers . This is a good sign. T he bad news: Studies show that 24% of workers had less than $1,000 saved for retirement, and 55% had less than $50,000. So what can millennials do to ensure their nest eggs improve sufficiently by the time they get around to retirement? Here are a few tips. Start planning for retirement now Personal financial planners and advisors will tell you that although it might seem far away, the best time to start saving for your retirement is now. If you begin in your 20s, you will save more over time and the compounded interest will have a bigger effect. But if you’re a millennial in your 30s, you can still save a subst...