American Investment Planners LLC
500 North Broadway, Suite 260, Jericho, NY 11753
(516) 932-5130 / (866) 932-5130
With a new year just a few days away, now is an ideal time for families to begin thinking about their financial planning strategies - by families, though, we certainly don't just mean the adults, we mean children too! Focusing on millennials, we simply can't stress enough how important it is to begin saving early, but unfortunately, we know that not all individuals in this age group have the right tools to help them get started. But that's what we're here for; below, we've listed a few tips that millennials can use in 2016 when it comes to saving for retirement.
Contribute To A 401(k): If an employer offers a 401(k) or similar retirement plan - use it. CNN Money recommends contributing at least 10% of your salary, but if that isn't feasible for your personal financial situation, just contribute as much as you can while still leaving yourself enough to cover your every day expenses.
Start Simple: Avoid spending too much time stressing over where you choose to invest - the specifics will come later. At first, focus more so on having a diverse portfolio. Still not sure what that entails? Contact us at (516) 932-5130 and allow us to help you figure it out!
Trust Yourself: It can be tempting to check your retirement account every week and see where your balance stands, but considering that the market fluctuates, you don't want to find yourself in a tizzy if you see your savings going up and down. After you've set up your retirement plan, let it be and only check in occasionally, unless you're meeting with your financial planner.
At American Investment Planners LLC, we believe that the ultimate test of a financial plan is the legacy you can pass on to your family and favorite charities, and getting a head start can help! If you or someone you know falls in the millennial generation, please give us a call to get started on a retirement savings plan today.
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