Retirement Planning for Millennials – Start Now for a Secure Future – At Crescent Wealth Partners, we believe that retirement planning isn’t just about investment management but crafting a roadmap to your financial future. Whether you’re fresh in your career or already retired, having a plan is key to achieving long-term financial security. A common misconception is that Millennials, in particular, have time to delay saving for retirement. In reality, starting early is one of the most impactful decisions you can make.
Retirement Planning for Millennials
A 2018 TD Ameritrade survey found that 70% of Millennials prioritize saving, whether for an emergency fund or a vacation. Yet, despite these promising habits, many are not saving enough for retirement. In fact, 80% of Millennials doubt Social Security will be available when they retire, underscoring the need for personal retirement accounts, such as 401(k)s and IRAs. A Roth IRA, for instance, offers tax-free withdrawals, an option worth considering for long-term growth.
The Bank of America Better Money Habits Millennial Report reveals that while over half of Millennials budget, many hesitate to invest in the stock market due to fear of volatility. But here’s where Millennials have an advantage—time. By starting to invest early, Millennials can weather market fluctuations, giving them more time to recover from downturns and benefit from compound growth.
Retirement needs Vary
It’s also important to note that retirement needs vary. While young professionals estimate they will need $400,000 in savings, nearly half admit to guessing their retirement needs. Creating a tailored, written strategy, ideally with the guidance of a financial advisor, can provide clarity. By assessing your goals, lifestyle expectations, and potential expenses, you can take control of your retirement future.
At Crescent Wealth Partners, we help clients craft personalized strategies, ensuring they’re equipped for a financially secure retirement—no matter their stage of life.
Call Crescent Wealth Partners today at 941.923.3663 or visit us at crescentwealthpartners.com for additional information and to meet our team of financial advisors, who are ready to support your financial goals.
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Source: TD Ameritrade Millennials and Money Survey (2018), Bank of America Better Money Habits Millennial Report (2018), Transamerica Retirement Survey of Workers (2019), Retirement Strategies
for Millennials
