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Financial Planning For Millennials

Members of the Millennial Generation were born between 1980 and 2000, the children of baby boomers, and sometimes also referred to as Gen Y. Young enough to benefit from financial planning, and gradual contribution to retirement funds, millennials need to think long term about their finances, so that's what we cover in this section.

What Boomers, Millennials, Elderly All Have in Common: Money Fears - DailyFinance
By Bruce Watson: While the general erosion in economic confidence is disturbing, an even more insidious development may be the way in which respondents have reshaped their goals. In 2007, a large number of respondents were dedicated to what could be described as selfless goals, like taking care of one's parents or paying for a child's education. Between 2007 and 2011, however, the number of millennials who prioritized helping their children to pay for their educations fell by 17% and the number who prioritized preserving wealth to leave to their children dropped by 41%. In fact, the only millennial priority that had significant growth was "assuring a financially secure life for yourself/your family." The number of millennials who put it at the top of their list increased by 25%.

Millennials and Social Security
By Gary Foreman: It seems like every generation hears that social security will collapse by the time they retire, and it's hard to know whether that's true for Millennials, but it's certainly worth planning for, and considering. This article takes about some things you "should know" if you are a Millennial looking to social security in your old age.

Millennials struggle with financial literacy
By Hadley Malcolm: This USAToday story suggests that Millennials are largely uneducated about how to go about managing their finances and financial future. It's probably less related to generation, but to age, since most young people, regardless of generation, tend to ignore the future. Might be a good wake up call if you are a Millennial / Gen- Y member.

Financial steps millennials to baby boomers need to know to prepare for disability
By na: Disability can strike at any age, but for Millennials, it seems impossible to become a victim of accident, illness, or other issues that will affect financial health. This article focuses on steps we all need to take to prepare for disability in the future, regardless of age.

Gen Xers and Millennials Long Working Road Ahead
By MARK GOEBEL: According to Well Fargo?s latest retirement survey of 1,500 middle-class Americans, fifty-three percent of Millennials and 32 percent of Gen Xers have not saved a dime for retirement. Boomers, who should be more motivated since some are already retired and the vast majority of the rest are nearing it, don?t fare much better; 25 percent are IRA- 401(k)-less.

Best Practices in Workplace Financial Education for the Millennials
By Liz Davidson: While this article is aimed at financial planners and those working with millennials to help them secure their financial futures, it's an excellent one for everyone to read, because it holds up a mirror to your own financial thinking.

4 Smart Tax Moves Millennials Should Make Now
By Bob Barry: We each have a level of personal financial success set in our mind where we think we?ll start paying attention to our money?as soon as we get that raise or move into that new position. But it?s never too early to start learning about money ? and the earlier you start, the longer you?ll benefit. Tax time may have just passed, but that means you have plenty of time to get on the bandwagon before next year?s deadline. So follow these four tax tips to help your money grow, and years down the road, you?ll be glad you did.

The Millennial Perspective
By David Bass: With an estimated 10,000 new baby boomers qualifying for Social Security each day, the milk will soon run out. In the coming years, my generation, the Millennials (born from the 1980s through the mid-1990s), will bankroll a retirement scheme for our elders that we ourselves will never participate in, at least not in the same way. A steadily declining birthrate fed by abortion on demand, a swiftly graying population, an extended average life span, and unsustainable national spending have created a perfect storm for Social Security and set the stage for a titanic generational war.


Related Categories:

  • Financial Planning For Baby Boomers
  • Financial Planning For Gen-X

    Updated On: 9-Aug-2013 - 15:51:24

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