If you are a Millennial or Gen Z thinking about retirement planning, the best thing going for you is your age. You are young enough to start, modify, or continue your current savings strategies, but the earlier you put the right plans in place, the better. Time is money when it comes to retirement planning, so if you live in or near Florence, KY, contact our Empower Financial Group to start or enhance your retirement plans.
Starting the Retirement Income Planning Journey
Millennials are those born between 1981 and 1996 (ages 27 to 42 in 2023), while people born from 1997 onward are part of Gen Z. Studies show that both groups have lower than desired savings rates. However, several retirement income planning strategies apply to people of almost any age. They include:
Employer matching. Take advantage of your employer’s 401k or similar program, especially if they match your contribution. The employer match is free money and amounts to an immediate 100% return on your investment.
Roth IRA. If your employee does not offer a 401k, consider setting up a Roth IRA, which has benefits similar to a 401k.
Compound interest. Let the power of interest work for you. Small amounts invested early often have more value at retirement than larger investments made later. Find ways to save small amounts and invest that money for your future.
Beyond these basic strategies, investors often seek a financial professional’s advice, experience, and investment management skills to assist with their investment strategies.
Working with the Empower Financial Group
Our team at Empower Financial Group, serving the greater Florence, KY area, can help with all your insurance and retirement income savings plans. To discuss how to build and protect your assets, call us or drop by today.