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But as the years tick by, that point on the horizon draws steadily closer.
Youre certainly not alone.
If you’ve got the option to relate, circumstances may seem grim.
For example, do you envision a life of globe-trotting in retirement?
Are you committed to donating to good causes or anticipating needing to care for a loved one?
The answers to this question will define your savings needs.
Want to put your passport to work?
Save big, and plan for continuing streams of income to fund your adventures.
Then, see how much youre contributing and look for opportunities to increase it.
Did you get a raise this year?
Now, put some of that toward your 401(k).
To avoid being in that 52% of Millennials who feel behind, consider expanding your retirement strategy.
IRAs (individual retirement accounts) are especially helpful.
Both traditional and Roth IRAs offer tax advantages that can help your savings grow.
And if you want predictable income in retirement, annuities may offer a low-risk way to supplement your savings.
Lifestyle creep when your spending increases as your income grows can make it easy to deprioritize retirement savings.
One effective way to get ahead is by reducing high-interest debt.
Take a deep breath and start small.
Exiting that 52% is absolutely doable one step at a time.
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