
Empower Your Future
Empower Your Future
Today, fewer than 1 in 4 employees have a pension – and that number is falling. Social security is changing too, as the retirement age to receive full benefits rises. Younger generations can no longer rely only on the system for retirement savings. It’s up to you to provide for yourself, and to prepare to do so sooner rather than later.
From a young age, we learn the importance of saving and investing for the future. Without a solid plan, our goals may never be realized. Today, this message is more important than ever. Responsibility for retirement savings has shifted from employers to employees. A generation ago, 84% of retirees had income from employer pension plans. Today, fewer than one in four employees have a pension, and Social Security is providing less support.
Millennials can no longer rely on the system for financial security. Two-thirds of millennials (ages 21-32) have no retirement savings, and only 5% are saving enough. To build your financial future, create a budget, track your spending, and start building an emergency fund. Aim for six months of living expenses for security.
As a millennial investor, define clear goals and don’t be afraid to take risks for long-term growth. Stay focused despite market fluctuations, and work with an advisor to diversify your portfolio. With time, even small investments can grow through compounding. Start early, stay committed, and make the most of tax-deferred and tax-free investment opportunities to secure your financial future.
Grab a copy of our latest article to learn how to build a thoughtful savings and investing plan for today and for the future. http://bit.ly/empower_you_future