Saving for retirement when you’re young
Tip 1: Start early
When you’re young, retirement seems like it's lightyears away. Getting the latest ‘kicks’ or that brand new Tesla may seem like a bigger priority. By the way, don’t tell my kids, I used the word ‘kicks’… I can see their eyes rolling now. But imagine if instead of buying clothes or cars with big names on them, you invested that money instead, into those big-name companies? Things lose value, but investments can earn you money over time. That’s why it’s never too early to start investing in your future.
Tip 2: Balance short-term and long-term goals
Or maybe you’re a little older, and the desire to buy the latest fashions has been replaced with some bigger goals like saving for a down payment on your first house. When juggling short-term dreams, long-term goals like retirement can take a back seat, but it doesn’t have to be all or nothing. You can balance short-term AND long-term goals.
Tip 3: Get 401(k) match
Did you know you can withdraw money from your 401(k) for a down payment on a first home, without suffering any penalties? So you can keep saving and take advantage of that flexibility when the time is right.
Tip 4: Stay the course
Life will throw you curveballs, and your financial journey may not be a smooth, straight path. Get good financial advice so you can make decisions without emotion.
We can help you get started. At Endurance Wealth Partners, we help you conceive, believe and achieve.