Now is the perfect time for millennials to save for retirement

Millennials are often regarded as financial freewheelers. People are always quick to assume that the twenty and thirty-somethings of this era do not take their financial health and retirement seriously. However, more and more millennials are becoming concerned and are taking charge of their future.

Image source: moneynewsdaily.com

Now is the perfect time for millennials to save for their future. Options may be unavailable for them when they start saving late. A study led by The New York Times zoomed in on the financial lives of five millennials who were saving for their future. The research landed on these conclusions: 

-These millennial savers are taking advantage of Roth retirement funds. These include individual retirement and 401(k)’s that are different from traditional retirement schemes made after tax. 

-Millennial workers to contribute as much as what their employers are willing to match in a 401(k). 

Aside from taking care of their retirement funds, there are also millennials who have diversified investment portfolios including individualized stocks, index funds, mutual funds, and bonds so they can get money from different channels. While stock prices are not all consistent, having different sources of income can assure one’s financial health in the future. 

If millennials start saving later, they might have to face late retirement, or they won’t have enough to get by as they age. By saving now, they are granting their future selves financial freedom. 

Image source: usnews.com

Barry Bulakites is the president, chief distribution officer, and co-founder of Table Bay Financial Network, Inc. He is also a financial resource speaker. Visit this blog to learn more about finance.

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