William Bitters & 3 Realistic Retirement Savings Tips for Millennial's
If you’re a millennial, chances are you’ve been asked about your retirement savings plan. While you may have just entered the workforce, you are quickly learning that planning for retirement is a multi-step process that continuously evolves over time. The truth is, when it comes to retirement, it’s never too early to start planning — and millennials are learning this the hard way.
With the cost of living in the United States drastically increasing and entry level salaries remaining stagnant, there’s no question that millennials have been forced to juggle their spending obligations while simultaneously saving for retirement.
So, is it really possible for millennials to live without having to worry if they’ll have enough money when it’s time to retire? Here are three of the most realistic retirement savings tips for millennials from the president of United Financial Information Services (UFIS), William Bitters.
1. Make Retirement Savings A Priority
It may seem difficult to pay down high student loan debt and save for retirement at the same time, but it’s not impossible. Even something as simple as saving $50 per week can help; it can get you into the habit of thinking about retirement, and eventually when you earn more income, that $50 a week can turn into $150 a week of savings.
“Saving money, even if it’s a small amount every week, will help you become more mindful about retirement savings — and savings in general,” says William Bitters. William believes in estate preservation strategies and retirement income planning strategies and focuses on the priority of retirement savings with all his clients. He states that eventually, the $50 per week you are saving will add up and you will notice meaningful savings. At just $50 per week you can save a total of $2,600 annually, by making small life adjustments.
Retirement savings funds
Most people are familiar with the 401(k) program and many employers offer it as an option for employees to contribute to a savings program. What’s even more enticing about this savings plan is that if your employer matches a portion of your contribution, it’s free money for you. However, what is most interesting is it really is becoming an outdated and antiquated approach. Bitters hopes that with further education and information, people will begin utilizing what may be better options.
2. Be A Responsible, But Smart Investor
“What I admire about millennials is that they care about what they are investing in,” Bitters notes. “As a result, there’s a rising participation in ‘socially responsible’ investing, which takes into account social and environmental morals as well as overall return.”
The future of investing…
It was reported that 86 percent of millennial investors are very or somewhat interested in sustainable investing, compared to 75 percent for the entire population. “Socially responsible investing can be a great thing for millennial retirement savings, as long as it’s done wisely,” recognizes Bitters.
Although some companies can turn their good deeds into profits, others will fail, and will fail again. The bottom line is, do prior research before making any financial decisions, due diligence can save you from a detrimental and costly mistake. If you notice a socially responsible company failing, don’t move forward with an investment. Rather, invest in a more successful company, and donate a fraction of the money you make to the do-gooders who are driving social change.
3. Be Prepared For Anything
William Bitters recognizes how millennials are learning about financial loss the hard way. “Millennial's are no stranger to hiring freezes and market crashes. If anything, they are some of the most resilient during financial hardships.” He then goes on to state, “while resiliency is key, so is preparation.”
Always prepare yourself in advance of an emergency. A good place to start is by keeping your résumé up-to-date and ready. Additionally, it is important that you also have an emergency fund to cover any period of unemployment or unforeseen expenses. Although saving for retirement should be made a priority, never neglect the now — the more prepared you are, the better you’ll be at handling the unexpected.
Plan for Retirement With Confidence
These simple tips above will provide general guidelines on the steps and procedures required to confidently save for retirement and help improve your chances of achieving financial freedom in your later years.
Learn more about how to properly strategize your retirement income planning today.
This is a lot of information, so for those of you who jump to the end of the murder mystery to ‘see who done it,’ here are my final thoughts:
You do not have to go at this alone. The future can sometimes look daunting because there is a lot of the unknown at play. However, the most successful people plan. They are less afraid of the unknown because they haven’t ignored the fact that the goal is to get older. The goal is to live if we can in abundance with as few surprises as we can avoid. They start where they are, they do what they can and use what they have. I don’t go it alone either. Over the course of decades, I have surrounded myself with different types of attorneys, for example, one was the head counsel of the Internal Revenue for years and has a master’s degree in taxation. I also utilize accountants who specialize in all types of needs, supporting personnel such as actuaries as well as team coaches with various specialties in multiple types of retirement products and other advisors who continually help me to provide the best and individualized services to my clients.