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Though retirement may be decades away for millennials and young professionals, it is important to invest early and think long term.
The money adds up, so the sooner you start saving, the more you will have in your nest egg to live a comfortable retirement!
Here’s where you can start:
1. Calculate a comfortable nest egg
Know your target dollar amount for your retirement funds.
2. Calculate current spending
Figure out how much you spend annually so you have an idea of how you will most likely spend during retirement.
3. Make changes to current lifestyle
See where you can cut expenses. Do you really need all those premium TV channels?
4. Utilize retirement plans
Start contributing to your 401(k) through your employer if you haven’t already.
5. Meet with a financial advisor
Talking with a professional could help you create and maintain a steady retirement plan.