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Tuesday, 27 July 2021

Your Money Matter: Advice for Millennials On Retirement

Credit: WLFI
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Your Money Matter: Advice for Millennials On Retirement
Your Money Matter: Advice for Millennials On Retirement

Retirement is something people who work look forward to.

But some studies show that Millennials may never get the chance to do so.

Our financial expert is weighing in to help Millennials make the right choices now so they can retire once they are older.

Some studies show that millennials may never get the chance to do so.

News 18's meredith hackler spoke with our financial expert who has some tips for millenials who want to make sure they can retire when they are ready to.

Financial expert nick royer says one reason millennials may have a hard time retiring is because they spend more money.

"there is a lot more things to spend money on and there are a lot more things to spend a lot of money on.

And unfortunately if it's being spent there less of it's going in your pocket to save for later on in life."-nick so..

For millenials looking to retire when they are 65 royers says they need to make sure they are controling their debt.

"debt is what 15 or 20 percent interest that you are paying and if you are trying to save in a 401k and that earns 8 percent but you are paying 20 percent in interest you are going backwards."- nick he also says it is important to make sure you have a solid budget.

"make sure that you have and iron clad budget there are a lot of resources out there that you can use one is called you need a budget ab."

Another way to make sure you can retire is by saving.

"go out and automatically just get it done set up an account and have money automatically going in to it automatically every month so you don't have to decide do i save this month or not it just automatically happens."

Meredith hackler news 18.

Royer says if you aren't able to save from your single income you should either cut your expenses or get a second job.

If you get a seond job, he advises you live off your main income and save your second one.