MADE Maven October Issue MADE Magazine - Page 18

MADELIFE A 5 STEP 'RETIREMENT READINESS ROADMAP’ for millennials MADE BY ANDREA WILLIAMS Research, Learn and STAY CURIOUS. Ask yourself “on a scale of 1 to 10 how much do I actually know about the stock market?”. For most people, if they didn’t major in finance their interest level and knowledge can be minimal. In the very same way that you understand the work you do and how you make money, you should understand the market because that is where your income and livelihood will eventually come from. Download a mobile application that will allow you to follow stock and financial news sites like CNBC Breaking Business to begin following companies you are familiar with and get updates on real time market news. Save for your future NOW and pay yourself FIRST. Work with a financial professional to figure out YOUR numbers. Identify how much you need to save in today’s dollars and begin to learn what your options are when it comes to retirement accounts. Your employer may have a 401k plan with a match. You always want to take advantage of any free resources when you can. If you receive a dollar for dollar match that creates a 100% return on your initial investment. Don’t be fooled by 401k limits or the Max Match. Even though the maximum contribution to a 401k is $18,500 and your employer may match 5% that doesn't mean that either of those numbers satisfy the appropriate funding required for successful retirement. It is important to consider using retirement calculators or begin working with a financial professional to identify what you need to save on a monthly basis to achieve a secure retirement. Find the RIGHT PROFESSIONAL for you . People who work with a professional typically find that they have more money saved, experience more profitable investments and are able to tap into wise-counsel when contemplating emotional decisions. Find someone you are comfortable with and who knows how to develop a plan that makes sense for your lifestyle and needs. Determine your average “Cost of being ME” budget. Think about it: if you were 65 today how much would you need direct deposited to your account each month to keep up with lifestyle expenses, housing, healthcare and travel? Remember, you may spend your time very differently when its “Seven Day Saturdays." Again, work with a financial professional to dial in on your current needs and spending patterns so that those numbers can be projected for future values. | 18