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Michael A. Milazzo, CLU, ChFC
Registered Principal LPL
The Meridian Financial Company
3350 Club Villas Dr SE, Unit #1303
Southport, NC 28461
Phone: 631-979-4223
Fax: 910-854-0002
Email: mikemilazzo.meridian@lpl.com
Much has been made of Millennials’ increasing college debt load. Complicating matters, rents are often high, while wages are generally lower when starting out in the work world. In this environment, paying off college debt and saving for retirement becomes a seemingly impossible puzzle to solve.
Difficult, however, doesn’t mean it is impossible. If you’re putting off saving for retirement because you want to pay off low-interest student loans first, think again. A little saved at a young age may potentially turn into a lot when the time comes for retirement.
Test the following statement: When contributing the same total, putting away a steady amount over long periods of time potentially grows larger than waiting for a few years and then making up the difference. Check it out: Same total contributions, but a different result. That’s because time matters.
Definitely put any raises or bonuses into your retirement savings efforts. And if your employer matches some contributions, try your hardest to reach that level. You’ll be surprised how a little goes a long way over time.
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