Millennials Saving for Financial Freedom, Not Retirement.
As a Millennial, I found this article to be interesting. According to a Bank of America Merrill Edge survey, “more than half of the millennial generation is saving for financial freedom or the ability to fund ‘living in the lifestyle they desire,” whereas more than half of Generation X and Baby Boomers are saving to leave the work force. According to the article, the majority of Millennials are saving to live in “the now” with disregard to whether or not they need to work longer. This is interesting, but not all that surprising to this writer. I think that if you were to ask someone from either older generation about what they were saving for in the 20’s and 30’s, it’s not likely that it was to leave the workforce in retirement.
Happiness in Retirement is About More Than Account Balances.
Of course, when you think of your LAGERS retirement system, you are probably thinking about the finances and the affordability of retirement. However, there are many studies out there that have shown that retirement is not just about the finances. There is much more to it than your account balances. This article gives perspective from a Certified Financial Planner (CFP) that had some clients that retired and ended up depressed. The CFP goes on to say that those of us that identify strongly with our jobs have the hardest time transitioning from working to retirement. This article gives some really good insight on planning for the non-financial parts of retirement.
5 Cheap or Free Ways to Improve Retirement Wellness.
Within the same line of thought as the previous article, this article gives you some cheap and even free ways to help you find wellness in retirement. The one that I found to be most intriguing is the last one on the list, volunteering. If you do not have the financial need of employment, but are someone who strongly identifies with your job, a great way of finding purpose in retirement is through volunteering. The best part about volunteering is that you get to pick the purpose you want to pursue! However, if you don’t want to volunteer, there are some other great suggestions in this article of how to achieve wellness in retirement.
5 Steps to Perfect Financial Health
Retirement is just one piece of your financial well-being. It is best to get yourself in the best financial position possible now so you potentially go into retirement with strong financial health. This article gives you some small tips to get you going in the right direction towards financial independence. Give it a read and think about implementing some of these to start going in the right direction.