Some may believe that retirement is for the old. The truth is this is not the case for everyone. Increasingly, more and more millennials want to retire early. However, no matter if they do it in their 50s or wait until their 70s, retirement will not happen without focus on the future and having the right financial products in place to make it possible. Years ago, most of us believed that working with a financial planner was only for our parents or grandparents. Today, that would be a mistake as it can result in having to work for a living much longer than anticipated and still not achieving set wealth-building goals.
3 Money Mistakes Every Millennial Needs to Know
Times have changed, and the millennial generation is a little more hesitant to take financial risks. This makes sense considering they got to witness the Great Recession of 2008-2009. They saw their parents struggle with a job and home loss, which guides many of their decisions. Not to mention, the multitude of crises brought on by COVID-19!
This intelligent, savvy generation has the potential to enjoy a fully funded retirement by avoiding these three money mistakes:
- Leaving Retirement Money on the Table: The millennial generation understands the power of compound interest. Unlike their Baby Boomer grandparents, who started saving at about 35-years-old, millennials tend to start saving for retirement around age 22. The difference lies in the career trajectories of each. The younger generation switches jobs more frequently, and often they do not understand their previous employer’s vesting schedules before they leave. If you’re looking to make a career move, talk to your financial planner in Jackson, MS.
- Failing to Save for Retirement: Even though a higher percentage of millennials are saving for retirement versus previous generations, many are still not saving at all. Failing to save now can lead to unaccomplished retirement goals later. It is a good idea to save at least enough to qualify for an employer’s matching contribution. If there is no 401k, then a financial planner in Jackson, MS can help with other options.
- Ignoring Insurance Needs: Health insurance may be an obvious choice, but a number of millennials overlook other insurance options like disability and life insurance. Many may overlook this need because they are young and healthy. Yet, that is not a good mindset to have, especially if they are married, have children, or have debts that may be left for their survivors. Again, with the young lives lost to the pandemic, it is more than clear that putting aside savings to help your surviving next of kin is absolutely essential.
Plan Wisely with Experienced Financial Planners in Jackson, MS
There is no time like the present to build a solid retirement and insurance plan. The Executive Planning Group has the expertise to provide financial planning that can help get the results required to meet a millennial’s goals. Talk to us about all the products we provide, such as insurance, retirement vehicles, college planning, and many more. Feel free to request a quote online.
Call us at 601-982-3000 to speak with your financial planner in Jackson, Mississippi.
Disclaimer: Securities offered through Valmark Securities, Inc. Member FINRA, SIPC. Investment advisory services offered through Valmark Advisers, Inc., an SEC-registered investment advisor. Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.