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M.A. Kluemke and Associates

Millennials Should Plan for Retirement

According to, a hefty 42% of millennials have not yet come up with any kind of retirement income plan and that more than half are yet to start saving for life beyond their working years. While some may argue that starting to save at an early age is enough, saving is not necessarily the same as having a plan.

Many factors may account for the fact that millennials are not yet saving. It could be the realization that life expectancy has risen - and so the retirement age will reflect this as well, many millennials are preoccupied with completing education and furthering careers, or even the income millennials have on hand is being diverted to bills and other living expenses leaving them little to no additional funds. Along with these possible factors could be financial institutions for retirement or financial planning do not target the millennials due to their youth. Whatever the speculated cause, the fact is that many millennials are not yet saving or planning when they should be.

For those millennials that are saving, it may be that they are playing it a little too safe and are not allowing their money to make real gains. Even with several decades of interest on their side, millennials storing away cash in their savings accounts may find that they are unable to retire at their desired age, or at their hoped-for comfort level, due to their overall investment growth. On top of this, playing the market holds potential risks with fluctuations that would in turn require saving percentage adjustments. Seeing or hearing of this alone can be overwhelming, especially when you’re unsure where to start.

One way in which millennials can formulate a plan that works for them is to speak with a financial planner. We will help with determining savings and retirement goals and guide them through the process of budgeting, finding tax-advantaged retirement plans, and making wise investments so they too can retire successfully.

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By Mark Kluemke

Check the background of this financial professional on FINRA's BrokerCheck
Check the background of this financial professional on FINRA's BrokerCheck