Finance Rules: EBW Financial News Radio
On this episode of Finance Rules, CFP Michael Egan shines a spotlight on a topic that is near and dear to the hearts of many parents and 20somethings: Millennials and Money.
“People in their 20s and early 30s have a lot of distractions, from wanting to buy a new car or maybe a house, to thinking about saving for a wedding or maybe a new baby’s education,” Egan knows. “Way off in the distance, they are thinking about retirement.”
And that’s a problem, Egan believes.
“Retirement saving should be their number-one goal,” he says, and the reason is simple. “Most young people today will not have a pension, and they will likely have reduced Social Security benefits. So that means they are the only ones saving for their retirement.”
In this podcast interview you’ll learn:
1. As a young person in there 20s and 30s, what are the most common financial planning mistakes?
2. What should their savings priorities be?
3. What is a good savings rate for retirement if you are young?
4. What else should young people do to get their financial house in order?
Download the podcast now!
You are listening to Finance Rules, Egan, Berger & Weiner’s monthly talk show on the Inkandescent Radio Network. Tune in every month for a new episode from one of EBW’s financial planners and advisors.
Securities and Investment Advisory Services offered through Voya Financial Advisors, Inc., member SIPC. Egan, Berger & Weiner, LLC is not a subsidiary of nor controlled by Voya Financial Advisors.