This is what the younger generation has to successfully manage – in this new world. Balance between paying off College loans, managing current finances, buying a new house, and with any luck, with anything left over, saving for retirement.
The reality is that despite all the education that is imparted to them in college, there is little to none, structured methodology that guides the younger generation to gather the information, perform the research, and make informed decisions that they feel good about.
As a result, it becomes critical upon the sources that they are closest to, to provide the starting point to begin gathering the data, and educating them on the importance of getting into the habit, and putting a little away at each opportunity, such that over time it has the potential to grow enough to provide the desired retirement income.
Beyond that, it really becomes a must for every employer to do all they can to take a proactive interest in ensuring not just the physical, but also the financial well-being of the employees – especially the younger ones, who have only heard about retirement planning, but have not had the benefit of the history that the baby boomers have had in the past two to three decades; and how to prepare for, and avoid personal financial catastrophes.
The long term implications of such proactive engagement are immeasurable in terms of higher productivity, job satisfaction, while at the same time taking steps towards a fulfilling retirement – win-wins all around.
That said, how will you, as a reader, act on this post?
Something to think about, and act on.