Retirement might not be headed your way any time soon – but, especially in today’s economic climate, it’s important to prepare yourself well ahead of time. Let’s face it – for Millennials, the outlook of retirement looks dimmer each passing year. Pensions are nearly non-existent, social security is being slashed, and the age of retirement continues to increase. Due to these reasons, it’s more important than ever before to build your retirement savings account. This way, you can be completely comfortable once the day finally comes to enjoy your Golden Years!
Start with these 3 smart moves for building your financial future:
Take Advantage of 401(k)/Roth IRA Matching.
If you’re lucky, your employer offers a 401(k) or Roth IRA matching program to their full-time employees. This means, whatever money you choose to contribute to your bi-weekly or monthly retirement savings will be matched up to a certain percentage by your employer – usually, around 3 or 4 percent, to be exact. Turn this down without a valid reason, and you’re essentially losing extra money that you could be accumulating over time. Think of your benefits – from your free parking to your health insurance – as part of your salary and run with every advantage you’re given!
Refinance Student Loan Debt.
Student loans are essentially a gut-punch to the Millennial generation and have denied them of following in the steps of their parents – Baby Boomers – when it comes to life milestones, such as building a home or raising a family. In fact, about 40 million Americans are paying off some form of student loan debt. Although it might seem like you’re stuck with monthly installments for the rest of your life, the best step is refinancing the debt, and in turn, readjusting your monthly payments to make the idea of actually paying these suckers off more achievable in the long-run.
Cut the Cord on Cable.
Did you know that the average cable bill is 99-bucks a month? When you add your Internet subscription, you’ll be paying anywhere from an additional $20 to $45 a month – and that is just for a standard connection! Oh, and what about all of your streaming accounts, like HBO Max, Netflix, or Hulu? Yep, it can all get pretty expensive, and that’s why it’s time to cut the cord with cable. As time goes on, more Millennials are parting ways with the glorious cable box they were raised upon – and not looking back. There’s a ton of stuff on streaming platforms, anyway, so we’ll doubt that you’ll miss it.
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