Millennials: Plan for Retirement Now or Pay Price Later

Daily Herald (Arlington Heights, IL), July 10, 2017 | Go to article overview

Millennials: Plan for Retirement Now or Pay Price Later


Byline: David Rosell

Millennials are a stressed out generation.

A study by the American Psychological Association reported that the group of Americans in their early 20s to late 30s came in at a 5.4 stress level on a scale of 1-10, higher than the American average of 4.9.

Among the things keeping them up at night are predictions of being the first generation that will be less well off than their parents -- and that includes retirements that potentially will be less secure. No longer do millennials have the pensions to look forward to in retirement like their parents and grandparents before them, and no longer do they have the confidence that Social Security will help at least supplement some of their retirement income.

"Every generation has had its own set of trials and adversaries to conquer," says David Rosell, financial professional and author of "Keep Climbing: A Millennial's Guide to Financial Planning."

He offers some tips to millennials for improving the odds their retirements will be a little more stress free:

* Start saving and investing early. If it's true that the early bird catches the worm, it's certainly true that the early investor catches a sound retirement. If you start investing $2,000 a year for seven years in an IRA (Individual Retirement Account) at the age of 19, you could be a millionaire by age 65. While it might not be practical for most 19 year olds to invest $2,000 a year, Rosell says, the point is that making sacrifices and saving or investing money early makes life much easier down the road. …

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