Retirement Tips For Millennials

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Some people are under the impression that the only ones who need to be concerned about retirement are those who are getting close to it. True? Most definitely not. In order to properly set yourself up for retirement, you need to start planning from a young age - the longer you wait, the harder it will be to ensure a financially stable future.

So how early is early? Although you should start saving from the moment that you have enough income to (regardless of what age that is for you), a good place to start is in your 20s. With help from U.S News & World Report, we've compiled a few tips that millennials should start using now if they aren't already:

1. Participate in your employer's 401(k). If you've recently entered the working world, make sure you ask your employer about the retirement savings options they offer. Should they offer a 401(k), enroll in the plan as soon as you become eligible, and make sure that you contribute as much as is needed in order to receive a matching contribution (if applicable) - you should never pass up "free" money!
2. Live below your means. You may be more familiar with the term live within your means, but if you really want to make a difference in your retirement saving efforts, you should try to live below your means while you can. The reason for this? If you live only within your means, you probably won't be able to contribute too much to your savings accounts. 
3. Use unexpected cash wisely. When we receive unexpected money, such as through a raise, a work bonus, or even a tax refund, many of us jump the gun and make big purchases. However, while you may be tempted to treat yourself, think about the impact you could have on your future by investing that money in your retirement savings accounts! Should you receive some unexpected cash in the near future, put at least a little of it aside.
4. Sit down with a professional. A common problem that people have when it comes to planning for retirement is that they simply don't know what to do - that's why you need to sit down with a financial planning professional early on in your lifetime. The sooner you have someone strategize with you and explain what steps you should be taking to prepare yourself, the better off you'll be!

Do you find yourself needing to sit down with a financial planning professional? If you have yet to speak with someone about retirement planning, we'll make it easy for you - contact us at (516) 932-5130 as soon as you can! Our team of financial advisors has all of the tools and resources needed to help set you on your way to a successful financial future, and are ready to help not only you, but your entire family, reach your long and short term financial goals.

To learn more about our retirement planning services, please visit www.americaninvestmentplanners.com today.