Many millennials who carry a large debt load could be making a mistake as they face the challenge of planning for retirement.

Mounting student loan and credit card debt has become a burden to the millennial generation as they begin their professional careers. And, while debt should be paid off as soon as possible, many of the millennial generation are making the mistake of delaying retirement planning until they are at risk of not having enough savings for their retirement years.

Recently, U.S. News & World Report offered some debt reduction and savings advice for millennials in “How to Balance Debt Reduction and Retirement Savings.”

Tips To Balance Debt Reduction And Retirement Savings

Avoid High Interest Debt

Getting out from high interest debts, such as credit cards, as quickly as possible allows people to save more for retirement.

401(K) Matching

If your employer offers a 401(K) matching program, no matter how small, take advantage of it.

Buy Cars With Cash

Saving money to buy a car for cash instead of financing the car purchase is a good way to have extra money for retirement.

Be Realistic

It is important to set realistic goals about how much money you will need for retirement.

Be Aggressive

The younger you are, the more aggressive you should be with investments.

Once millennials do start saving for retirement appropriately, they will also need to get estate plans that detail how those savings should be distributed should something happen to the savers.

Speaking with an estate planning attorney could help you meet the challenge of saving for the future and paying off debts.

Do You Need To Speak With An Attorney About Estate Planning?

If you need to speak with an experienced estate planning lawyer please contact us online or call us directly at 800.756.5596 to first register for one of our free, informative seminars. Your attendance will qualify you for a special discount for our estate planning services should you decide to make a free appointment at the conclusion of the seminar and choose to proceed with us. We proudly serve clients throughout California with offices in Torrance, Newport Beach, Orange, Woodland Hills and Pasadena.

Philip J. Kavesh
Nationally recognized attorney helping clients with customized estate planning guidance for over 40 years.
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