|By Shelly Palmer||
|September 22, 2013 04:00 PM EDT||
Cover letters, resumes, applications, internships and job interviews.
For twenty-somethings, the act of finding work is, well, a full-time job in itself. Who has time to worry about retirement if we aren’t even employed?
Apparently, a lot of us. Seventy percent to be exact. A recent study from TheStreet and GfK Public Affairs finds that 70 percent of Millennials haven’t started saving or even thought about a strategy for retirement.
Probably for these 16 reasons.
1. Because life can’t go on without a yearly subscription to NFL Red Zone.
2. Kickstarter won’t let me stage a campaign for my own pension fund.
3. You want me to invest in CDs? Um, why? I have all my music on my iPhone.
4. I needed to impulse-buy a $1400 racing bike because, you know, I’m going to train for that triathlon… eventually.
5. You mean with a 401(k), I’m supposed to contribute money from every paycheck?
6. Sure, if I invest shrewdly over several decades, I could be a millionaire in my 70s. But what if I become a millionaire by age 30? Ever think of that?
7. If I could sync my portfolio with Facebook/Twitter and blast out updates whenever I have a solid quarter, I’d be investing like mad.
8. If I can’t dive headfirst into a pool of my coins, then I’m not interested in saving.
9. Yes, a Roth IRA is a smart option if I make less than $112,000/yr as a single person. I hope I don’t cross that threshold at my unpaid internship.
10. I’m sure the government will have money to support me when I reach retirement… said no one, ever.
11. Three words: student loan debt.
12. I can send a tweet in 2.3 seconds. Why would I ever place my money in a portfolio and wait FOUR DECADES to spend it?
13. Modest monthly contributions to a range of diverse mutual funds? Yes, I’d love to. Just let me first work down $10,000 in credit card debt.
14. It’s inevitable I’m going to make a lot of money and won’t need a retirement fund. Just gotta find a job first.
15. True, I could put a few extra dollars each month into a savings account. I could also book a flight to Coachella.
16. I swear I’ll start saving tomorrow.
If you want to plan for retirement but don’t have the means, here are a few easy ways to get started:
- Take this quiz and find your risk tolerance when it comes to investing. Are you aggressive, conservative or something in between?
- If your company has a 401(k) match program, make full use of the free money. A simple breakdown from financial firm Milliman: “The most common matching formula offered by companies in the United States is a 50 percent match of up to 6 percent of your contributions. In other words, if you contribute six dollars of every 100 dollars you make, your company will contribute three dollars to your retirement plan.”
- Set up an automatic deposit into a savings account, even if it’s only $25 a month. Over time, it adds up.
Do you have any investment tips? Share with the rest of us!