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