Articles

Defining "Retirement" In The Millennial Generation

At the expense of stating the obvious, I am a Financial Advisor.  I am a Certified Financial Planner professional, meaning I have successfully met the standards of competency and ethics set forth by the CFP® Board.    More importantly, I love being one.  It is a joy and honor to serve my clients and have the opportunity to help them create a unique financial plan and assist them in pursuing their goals.  

Speaking of goals, let me for one minute (maybe a little more) address one of the major goals of most financial plans - retirement.  Planning for retirement seems like a no-brainer as many of us, me included, do not envision ourselves working for the remainder of our lives.  

Most of us know we should be saving for retirement, and probably even some of us have an idea of how much we should be saving.  I think the more important question is really- what does retirement mean to you?

Recently, I have read a multitude of research reports, touting data that shows our generation is increasing our savings rate for retirement faster than other generations. Conversely, there are reports that illustrate that despite saving more as a percentage of their income, the current balance of most millennials' accounts is so far behind where it “should” be, they are going to have to work until age 70 or later.

Here’s the thing about statistics and research reports. There is probably truth in both of the scenarios I mentioned above.  Another thing about those reports?  I really don’t care about what they say, and the statistics they cite.  I just don’t.  You know what I DO care about?  My clients and their individual retirement goals!  

I care about helping them define what retirement means to them.  Does it mean having the ability to stop working completely by a certain age? Having the flexibility to reduce their hours at their current job so they can focus on pursuing a side business they are passionate about, or wanting to spend more time volunteering with a local church or charity?  Maybe it is their goal to have the ability to stop working by age 65 and travel the world; maybe they love their job so much that they want to keep working into their 70’s, even if they have the ability to stop sooner.

As a financial advisor for Simplifynance clients, who loves to help our generation think about and plan for their future, one of my primary goals is to help you define what is important to you.  

For most of us, we are not going to be working at our current job for the next 30+ years, then retiring with a pension, Social Security benefits, and sitting on the beach for the remainder of our lives.  Likely, our path towards retirement, and what retirement even looks like once we get there, is different than what it looks like for our parents and grandparents. And that is perfectly fine! 

Whatever your dream retirement looks like, let’s have a conversation on what that is and how we can help create a path that leads you towards success.  

 

Written By:

Nathan Ollish, CFP

Financial Advisor