Millennials now make up approximately 25 percent of the US population and have revitalized cities across our nation, making them more vibrant and exciting. But while this group of 18-to-34-year-olds is preoccupied with their careers and city life, they also need to focus on retirement.
As a financial advisor who is also a millennial, I realize it's an easy choice to put retirement on the back burner. But planning ahead is now more important than ever. Company pensions are largely becoming extinct and Social Security benefits may not be as generous for millennials as they currently are for Baby Boomers.
As might be expected, retirement is not top of mind for most of our generation. A recent Merrill Edge report concluded that the majority of millennials say they're more likely to spend money on travel (81 percent), dining (65 percent) and fitness (55 percent) than save for their financial future.
The good news is that time is one of our most valuable assets – as long as we take advantage of it. Here are four tips for my fellow millennials to jump-start your retirement savings: