According to a survey conducted by Charles Schwab, the millennial generation has started saving for retirement about 10 years earlier than boomers. The investment firm associates this goal with a series of different and unique considerations.
Millennials view retirement less as a savings target or a date but more as a state of mind or a lifestyle. Younger investors are making their first-ever investments in recent years and are committing to retirement and related planning, while also pooling other resources that will help them make their retirement uniquely theirs. Compared to boomers, millennials consider cryptocurrencies an alternative to consider even during retirement.
Between now and 2050, when most millennials will start retiring, four different profiles will emerge:
Everyone will have a different vision of their ideal retirement, but the key for all is to start saving and investing early.
If you dream of constant travel, you need a specific line item in your retirement plan to ensure you have the funds to make it happen. If you want to maintain exposure to higher-risk assets like digital currencies in your retirement portfolio, balance that with more traditional investments that can provide a reliable source of income when you don't have a paycheck. And finally, you prepare for retirement to enjoy it, but it's important to have a solid income and distribution strategy so you don't risk running out of money in retirement.
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