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The importance of planning for retirement is something every parent, mentor, and financial advisor will reiterate time and time again. While the general concept makes sense, it isn’t always accessible or palpable for all parties, especially millennials. Previous generations seem to have prioritized their finances, so what about millennials? How are they handling it?
Below, 10 millennials talk about their approach to retirement planning.
Admit that you don’t know
As a millennial, I think the greatest service that someone in my generation can do is admit that they don’t know what they don’t know: and then find someone who can teach them. Let’s face it, retirement planning is a convoluted phrase that doesn’t express its various nuances. My advice: if it is accessible, partner with a fiduciary financial advisor to help map out your future financial goals and create a plan. If it isn’t accessible at this moment, make it a habit of setting aside a few dollars each payday until you can hire a financial advisor. Action is important; however, informed action is what will serve you best in the long run. — Desiree Cunningham, Markitors
Avoid high fees
If you are an investor, you want to earn income on your retirement balance. Whether you are identified as a “Boomer” or “Millennial,” that desire doesn’t change. What you do tend to see with millennials in regards to their retirement plan is the avoidance of high fees. With a long road ahead to retirement, retirement planning fees can eat into a retirement balance. — Kimberly Kriewald, AVANA Capital
Benefits, Benefits, Benefits
As a staffing agency, we’ve worked with hundreds of employers in helping them attract and retain talent. We have placed many millennials in roles over the years. The thing that helps put employers over the top in terms of ability to attract talent relates to the strength of an employee benefits package. When discussing benefits, a “401k” is often the first thing millennial candidates ask about. At this point, it’s almost an expectation that an employer offers a retirement plan as part of their offering. — Ryan Nouis, TruPath
Start early
Retirement has always been top of mind when financial planning. The earlier you start, the more time your money has to compound interest and accumulate wealth. This smart financial philosophy only gets stronger when you consider that most employers offer a dollar for dollar match up to a certain percentage. — Megan Chiamos, 365 Cannabis
Make ends meet
Many millennials are in a tough spot: they are trying to make ends meet in a difficult economy. Most millennials I know value building meaningful lives and experiences: above accumulating wealth. — Rebecca Longawa, Halong Esports
It varies
Before diving in, I think it is important to highlight the fact that the age range that constitutes a millennial is vast. Some are in their young ’20s and just entering the workforce, while others are in their ’30s and may have a family of their own. With that said, everyone’s financial situations are different. Some people have student loans, medical bills, family obligations, etc. and may not have the means to put away as much as they like. Others may have more freedom and the capacity to save up more. It really depends on the individual. — Shiela Lokareddy, UCSD Health
Compound interest
From what I understand, millennials are not putting as much money or thought into their retirement planning as generations prior.
While this is their choice, teaching and having the conversation around compounding from an early age is important for all generations. This is especially true for a generation that is not strategically thinking about retirement. — Austin Schwartz, Schwartz Insurance Agency
Ignore it
The reality is that I don’t think millennials approach retirement planning any differently than previous generations. We tend to ignore the reality because, after all, it’s a long way off. Somewhere in our late 30s or 40s we wake up and realize that we need to start saving. Hopefully, millennials will have finally paid off their student loans so they can focus on the other end of life. — Rick DeBruhl, RickDeBruhl.com
Live small and save big
You can retire at any age. All it requires is that your money goes to work so you don’t have to. Live small and save big. — Rick Barrera, Rick Barrera and Associates, Inc.
Take ownership
As a millennial, and as someone who employs many millennials, I’m impressed with our approach to retirement planning. Maybe our company is outside the norm, but everyone has a SIMPLE IRA. The employer match helps incentivize the account creation, but what amazes me more is how above and beyond millennials go with percentage contributions. Perhaps millennials have a general distrust for safety nets like Social Security. But the one thing I can’t deny is that millennials seem to be taking ownership of their retirement savings, starting with their first job. — Brett Farmiloe, Markitors
