Millennials Are Having To Balance Paying Down Debts With Retirement Saving

A recent study by the Insured Retirement Institute and Center for Generational Kinetics found that people in the Millennial age group are not adequately preparing for retirement. One of the problems that millennials face is having to balance paying down debts on things like credit cards and student loans with saving for retirement. This article provides some tips that millennials can follow to get a better handle on their financial situation. It is important for them to set realistic goals and to be aggressive about investing. Millennials should take advantage of any 401(k) plans that their employer might offer. They should also try to pay down their high interest debts first to make things easier in the future. It is never too early to start putting together an estate plan that balances retirement savings with paying down debts.

See Robert Berger, How to Balance Debt Reduction and Retirement Savings, U.S. News & World Report, January 22, 2016.