Steps millennials should take to secure financial future
I know what you’re thinking – yet another lecture on how millennials need to save more. Before you roll your eyes and move on, hear me out. Do you want to be working for the rest of your life? Until the day you die? Probably not. But even if the answer is ‘yes’, a consideration is whether you will be able to work for the rest of your life?
But if the answer is a resounding ‘no’, you need to start saving. Traditional retirement schemes (those that pay a defined benefit for life) are under strain as life expectancies continue to increase far beyond what they were designed to pay for.
If you have a retirement savings account – congratulations! Not everyone does, unfortunately. But how much do you need to be financially secure in old age? And are you saving enough? This is one of the areas we address in our new white paper, How We Can Save (for) Our Future.