Retirement may seem like it’s super far away, but it’s really never too early to start saving. Financial planner Mamie Wheaton of “LearnLux” cannot stress this enough. In fact, there are four common mistakes she sees her millennial clients consistently make.. and she wants it to stop so she’s sharing what they are.
- They put paying off student loans above saving for retirement when they should be equal priorities. According to Wheaton, “you can’t take a loan out for retirement.”
- They prioritize their children’s education over retirement savings. Start saving for both simultaneously, but if there is not enough money for both, prioritize your own retirement.
- They forget about their old 401(k) accounts when they move jobs. Rollover money from old 401(k) accounts into your new 401(k) or an IRA.
- They sell off investments when the market takes a downturn. Use this time to buy funds at a lower cost and price, not sell! When the market goes back up, you’ll have more growth opportunities.
Source:Business Insider