Millennials aren't saving for retirement, but it's not too late to start

KMBZ News Staff
February 25, 2020 - 6:42 am
Millennial examines her finances

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KANSAS CITY, Mo. -- Millennials make up more than one-fifth of the Kansas City metro population, and according to a recent survey, those millennials are not ready for retirement, or haven't even started saving for retirement.

The survey, from the National Association of Personal Financial Advisers, found that more than half of millennials haven't even considered their options for retirement, one in three millennials don't think they will ever be able to retire. Stephen Fletcher is a wealth advisor and member of NAPFA, and explains that many millennials don't have a positive outlook on their financial future. 

"Over half are not confident that social will be viable when they reach retirement," Fletcher said. "And about 73% wish that they could have a financial planning do-over."

There are a plethora of reasons that millennials are in this position, according to Fletcher. From racking up too much debt in college, to fears of having to take care of their parents, many millennials are stuck in the muck of poor finances.

"While some millennials might feel like they are behind the eight ball, they are certainly not," Fletcher said. "Starting sooner is better, but at this point, it is not too late for any millennial in order to be able to get to where they're trying to go."

There are three key factors to jump start your saving for retirement Fletcher abides by. First, identify and write down your financial goals and break them down so they're easier to handle. Then invest in yourself and your future. And finally, be sure to take advantage of prime savings years, when you can stash away a little more cash than other years. 

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