Retirement Advice for Your Recent Graduate

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Retirement Advice for Your Recent Graduate

It’s that time of year once again when hundreds of thousands of new graduates begin to enter the workforce. We all know that when it comes to saving for retirement, the sooner you start saving, the better.

As your children or grandchildren begin to graduate this year or in the near future, make sure that you are ready to give them a few pieces of crucial retirement advice so that they can begin saving for a safe and secure retirement.

Early Start

Even if they aren’t able to put away much, your graduate should start contributing to their retirement savings as early as possible. The most important thing is to be consistent in putting something away, even if it seems like a trivial amount of money.

Many people enjoy deducting their retirement savings automatically from their paycheck. This not only ensures that the money will be saved appropriately, but it also takes a bit of the sting away since your graduate’s paycheck will only reflect the amount that is leftover after all other deductions have been made.

Utilize Your Resources

Depending on the exact nature of their post-graduate profession, your graduate may or may not be working for an employer that provides retirement benefits like 401(k) matching or a pension plan.

Do not let the absence of an employer’s assistance give your child or grandchild an excuse to delay saving for retirement. Instead, help them consider other options that they can take care of on their own like an IRA or an individual retirement account.

Grow Your Savings

After a few years your graduate should earn a promotion or pay raise, which means they should also be putting more money into their retirement fund. It is true that some money saved is better than no money saved, but it is also true that the more your child or grandchild can manage to save now, the better off they will be come retirement.

Make A Plan

The biggest worry that people associate with retirement is the possibility that they will not be enough money to last the length of their retirement. Much of this stress and anxiety can be avoided with a carefully orchestrated and executed retirement savings plan.

While your sage advice is always very valued, it may also be wise for your graduate to consider working with a professional financial advisor in order to make the most of their retirement savings strategy.

Retirement Planning Professionals From CKS

At CKS Summit Group, our one and only concern is helping our clients achieve the highest retirement savings possible. Our tried and true process focuses on constructing a tactical stock market and non-stock market portfolio to provide you with healthy growth potential that will last throughout your retirement.

Schedule your very own strategy session with one of our retirement income planning professionals today! You can schedule a personalized retirement strategy session anytime by giving us a call at 586-286-5820 or by simply clicking here to fill out an online form.

Thank you, and we look forward to getting you and your graduate on the path to retirement success!