Millennials new to the workforce experienced the 2008 financial collapse and the stock market crash. That is why planning for retirement might sound daunting for this demographic. Millennials are making diverse financial decisions based on experiencing one of the most volatile economic events in a generation.
According to CNBC, Millennials are currently the largest generation in the U.S. labor force. It is important for people aged 18 to 34 years old to learn effective asset management. Here is what your trusted financial planner in Northern Virginia has to say:
- Always aim high. Is your income decent? Have you paid off your student loans? If so, we recommend saving up at least 15% your overall income. When saving, do not aim for a modest amount; save until it hurts. If you save enough, you have a better chance of a comfortable retirement…and possibly retiring earlier than you expected.
- Focus on saving first. One common mistake that some Millennials make is focusing on returns instead of saving. While it is not wrong to boost investment returns, that should not be your main goal. Educate yourself, learn when the best time to invest is, and do it. It is a best practice to save more money so that you have more in retirement.
- Start retirement planning now. Some Millennials tend to put off financial planning or asset management. Unpredictable stock market conditions are no reason to delay. Moreover, this should give you enough motivation to invest in the future. It is never too early to plan for your future; this is the same for retirement.
- Hire a registered investment advisor. One way to start planning for retirement is by hiring a financial expert, such as AOG Wealth Management. We offer small business, asset management, and wealth management services that will help you attain your financial goals. We can help with cash balance pension plan, profit sharing 401k, tax efficient strategies, retirement funds, and investment planning.
Our team of financial advisors serving Northern Virginia is composed of industry experts. They are Certified Financial Planners® and Accredited Investment Fiduciary® that provide a steady hand of financial guidance to individuals, families and businesses.
To learn more about our services, call us at (866) 993-0203 today. We will be happy to discuss your financial and retirement options.
The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation.