6 Ways to Prepare for Retirement in Your 20s and 30s

Compound interest works best when you start saving early in your career.

Although retirement may be decades away when you're in your 20s and 30s, it's an important milestone to start planning for. The earlier you start thinking about and preparing for it, the less likely you are to have to play a game of catch up as retirement approaches. To get yourself started with retirement planning, consider these six ways to prepare:

Open an account already. If your employer offers a savings vehicle, such as a 401(k), take advantage of it. You can also open your own traditional IRA or Roth IRA. While saving early is important, so is the habit of doing so automatically on an ongoing basis. By setting yourself up with automatic paycheck deductions or transfers to a Roth IRA, you're getting into the habit of putting money aside for your future. Aim to save at least 10 percent of your gross income and work up from there.

Continue reading source article here.

Damian Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755 

3 tips to getting retirement right in your 20s

I’m in my 20s and would like to start taking steps to ensure a secure retirement and financial future. But like many people in my generation I’m confused about where to start, who to contact and what to do. Can you point me in the right direction? –S.V.

I’m not surprised that you’re confused. Now that your generation has become a prime target audience for the financial industry’s products and services, hardly a day goes by that one study or another doesn’t purport to offer insights into what Millennials are doing, should be doing or shouldn’t be doing about their finances.

Unfortunately, these insights aren’t always consistent. Some surveys claim Millennials are poor savers; others say they’re more diligent than boomers. Some research warns that Millennials are investing far too conservatively.

Continue reading article here.

Damian J.  Sylvia

Retirement Income Solutions

220 Monmouth Road

Oakhurst, NJ 07755