5 Retirement Planning Tips for Millennials
Millennials make up a huge chunk of today's United States population. Just so we are all on the same page, a millennial is anyone who was born between 1981-1996. The millennial population grew up as the Internet was really starting out. Our retirement planning advisors in Mid-Missouri are here to give a few retirement planning tips for the millennial generation. If you are in need of any retirement planning in Central Missouri advice no matter what age you are, call Wilson Toellner CPA. We have four different office locations throughout Mid-Missouri. All locations and phone numbers can be found on our website at www.WTCPA.com.
Start an emergency savings account.
As a millennial, you likely have many things that could benefit from having an emergency savings account in your life. For example:
Have an emergency savings account in place so you don't have to dip into your retirement funds.
You need to be putting away for retirement YESTERDAY.
The earlier you start saving for retirement the better, but as a millennial, if you haven't already this is definitely the prime time to start a retirement account, such as an IRA for example.
Spend your money within reason.
There are so many temptations out there, avoid impulse buys that require hefty amounts of money and preserve your money. Doing this can help you save money for our retirement.
Find a life insurance policy that works for your situation.
As a millennial, you may be at the age where you have a few children or you are trying to continue to pay off your college debt. A life insurance policy can ensure that your loved ones are taken care of financially and that your debt doesn't financially cripple them in the case that you unexpectedly pass away.
See an advisor about investing in stocks.
You may be in that state of mind where you claim you don't understand the stock market and, therefore, you don't feel comfortable investing in it. However, at this age, you could find it quite a successful investment and the best thing for you to do would be to speak to a financial advisor in Mid Missouri so you can fully understand where your money would be going.
We here at Wilson Toellner CPA believe that successful implementation and periodic review of your financial plan will ensure financial independence during your working years and through your retirement years. To learn more, please give us a call. You will find our phone numbers below.
5 Retirement Planning Tips for Millennials
Start an emergency savings account.
As a millennial, you likely have many things that could benefit from having an emergency savings account in your life. For example:
- You are a homeowner and your HVAC system breaks down.
- You are a homeowner and have lost your job and need to keep paying on your mortgage until you can find another job.
- You rent and you need to be able to pay the next few months rent until you can find another job to replace the one you just lost.
- Your child has a sudden health condition that isn't fully covered by insurance and you need to pay a hefty sum to get them the treatment they need.
Have an emergency savings account in place so you don't have to dip into your retirement funds.
You need to be putting away for retirement YESTERDAY.
The earlier you start saving for retirement the better, but as a millennial, if you haven't already this is definitely the prime time to start a retirement account, such as an IRA for example.
Spend your money within reason.
There are so many temptations out there, avoid impulse buys that require hefty amounts of money and preserve your money. Doing this can help you save money for our retirement.
Find a life insurance policy that works for your situation.
As a millennial, you may be at the age where you have a few children or you are trying to continue to pay off your college debt. A life insurance policy can ensure that your loved ones are taken care of financially and that your debt doesn't financially cripple them in the case that you unexpectedly pass away.
See an advisor about investing in stocks.
You may be in that state of mind where you claim you don't understand the stock market and, therefore, you don't feel comfortable investing in it. However, at this age, you could find it quite a successful investment and the best thing for you to do would be to speak to a financial advisor in Mid Missouri so you can fully understand where your money would be going.
Retirement Planning in Mid-Missouri
We here at Wilson Toellner CPA believe that successful implementation and periodic review of your financial plan will ensure financial independence during your working years and through your retirement years. To learn more, please give us a call. You will find our phone numbers below.
Our Success Stems From Your Success
For tax preparation services you can count on, call:
Sedalia -- (660) 827-4990
Marshall -- (660) 886-6815
Camdenton -- (573) 346-6822
Lake Ozark -- (573) 964-5739
Check out our website: www.WTCPA.com
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