Retirement Savings Tips for Each Generation, from T. Rowe Price
The retirement specialists at T. Rowe Price have published steps investors, in each generation, can take to secure a stronger financial position for their future retirement:
Millennials: Ages 24-39
It is critical that millennials start saving for their long-term goals—especially retirement—as soon as possible. Younger investors can take full advantage of the power of compounding over several decades.
Start saving now
Consider saving in a Roth account
Focus on the growth potential of stocks
Generation X: Ages 40-55
Gen Xers are likely entering their peak earning years. While some are still juggling competing financial goals, others may be enjoying more financial freedom as their children move out or graduate from college. As a result, the latter group may be able to redirect resources toward their retirement savings.
Check your retirement savings progress
Consider supplementing savings with a taxable account
Maintain a healthy exposure to stocks
Baby Boomers: Ages 56-74
For Baby Boomers who are not yet retired, this is the time to review your retirement readiness.
Assess your situation
Consider broadening your tax diversification with multiple types of accounts
Review your asset allocation
Find out more at http://www.troweprice.com
Start with Your Credit Union
Your local credit union provides not-for-profit banking in your community. Join it, and you are a part-owner. So, your credit union will give you savings and financial planning advice that’s in your best interest.
Copyright Today’s Credit Unions