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In this video, Michael tackles the important questions around saving for retirement:
- What makes saving for the future so challenging (especially for young people)?
- How to make saving easier?
- Why saving just a little bit makes a big difference over not saving at all?
- How to create a savings plan unique to each person’s individual situation?
The video provides examples of industry recommendations and best practices, as well as real life scenarios, financial setbacks, trends and the challenges of saving money. For instance, it is a general rule in the industry that the average person should be saving 10 to 15 percent. However, that figure doesn’t account for age. If a 20-year-old starts saving 10 percent of every paycheck from the first day on the job, they will put themselves in a very good financial position.
The challenge is young people aren’t saving because of a variety of financial constraints. Many young people have student loan debt, then they get married, have children and then send those children through college. It’s not until they hit their 40s or early 50s that they start looking at planning for retirement. In order to be set up financially in the future, it is critical to not put this off and to begin the process of saving now.
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