3 Money-Smart Tips for Millennials
Fort Lauderdale, Fl
From witnessing the plight of their parents to navigating a barren employment landscape, most millennials experienced the effects of the economic downturn in one form or another. As a result, they’re cognizant of the importance of monetary well-being, yet unsure how to best manage their finances.
In reality, there are many routes to take on the path to a secure financial future. The specialists at Northwestern Mutual recommend starting with the following money-wise tasks:
2. Review your 401(k). Approximately three-quarters of millennials expect to work past age 65 because Social Security won't take care of their needs. This finding stresses the importance of a strong 401(k). Are you contributing to your employer's plan? Can you afford to contribute more? Spending even a few minutes analyzing your retirement savings can pay off big down the road.
3. Meet with a financial professional. About one in three millennials say a lack of planning is their greatest obstacle to achieving financial security. The best way to make sure you're making the most of your money is to create a plan with a financial professional.
Says Emily Holbrook, young personal market director for Northwestern Mutual: "Regardless of where millennials are on their financial journeys, completing even one small task today can have a big impact on their financial futures.”
Source: Northwestern Mutual