Skip to main content

Announcing our new Southwestern Ohio Division!

I Stock 78929525 MEDIUM

My Fellow Millennials: Stop Saving for Retirement

Photo of author, Chelsea Clegg, CFP®.
Chelsea Clegg, CFP®
Associate Financial Strategist

Now that I have your attention, let me explain. As someone with fewer years in the workforce when compared to most of my colleagues, I am often reminded that retirement is many, many years away. The word “retirement” gets thrown around a lot, but what exactly does retirement mean…no regular workweek, no debt, the freedom to go about your day as you please? What about doing all the things that you’ve always wanted to do, such as traveling our great country or having a beachfront condo?

For many millennials, retirement is the destination, but in reality, retirement is just another step along the journey. And if life is truly about the journey and not the destination, we must be sure that we are prepared for our journey. Our lives do not end the moment we leave the workforce. In fact, that’s when the next chapter—perhaps the best chapter—begins.

In the ever-uncertain times in which we live, we millennials need to be extra prepared when it comes to financial independence. Not a day goes by that I don’t read an article relating to social security’s final days or one stating that millennials will be in retirement just as long as they are working. It’s a scary thought. So what can you do to prepare yourself? How can you be sure that you’ve taken the correct steps that will lead you down the path of the lifestyle you’ve always dreamed about?

Jay Williams, fellow McKinley Carter associate, said it best in his April 2015 blog post titled “Wake Up, Millennials: Time is Your Biggest Asset”: contribute to your employer-sponsored retirement plan, force yourself to save even $25/month, pass on your daily Starbucks latte. This article by Jamie Hopkins from Forbes points out that millennials may need to take a very different approach to retirement than prior generations. Work on/work off may not be the way of the future.

Make small sacrifices today, pay yourself first, and do all that you can to make retirement part of your journey and not the final destination. Knowing that you are financially secure will bring you peace of mind and will afford you the freedom to do the things you’ve always wanted to do.

Related Insights
BEATLES 1600px

What Do The Beatles, Financial Behavioral Bias Have in Common?

Behavioral biases can cause your investing strategy to get out of sync with your risk tolerance and goals. One common financial behavioral bias is rationalizing poor past decisions. Learn how to recognize when this and other biases have crept into your thinking.

Read More
Succession Planning Blog Pic

Succession Planning is Critical for Every Small Business Owner

Small Business owners invest a great deal of time, energy and money into their business, and it can easily be the largest portion of their investment portfolio. All too commonly, business owners direct the lion’s share of their effort toward day-to-day activities of the business and fail to capitalize on the value that they have worked so hard to create in preparation of retirement. However, with a well-thought-out succession plan business owners have an increased level of control over their own future as well as the future of their business.

Read More
I Stock 1185723495 DJM Blog FINAL

Financial Infidelity: Are You Cheating on your Honey with Money?

Keeping secrets and lying to your partner about your spending habits can make any relationship go very wrong. It's officially called financial infidelity, and if gone unchecked can quickly spiral out of control. Learn the signs of financial infidelity and ways to overcome it.

Read More
Play