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Millennials carry an average $45,000 in debt, according to a study by PNC Financial Services Group. The debt ranges from $12,000 for early 20-somethings to $78,000 for a 28 and 29-year olds.
Though 94 per cent of the millennials surveyed said they are putting some money away, only 38 per cent have begun saving for retirement.
1. Enroll in your company’s match. Though many employers’ plans vary, the most common ones will match 50 per cent of a worker’s earnings whenever he contributes to his retirement account. It’s an easy way to double your savings and should not be overlooked.
2. Start small. Though their returns aren’t high, opening a target date fund or lifecycle fund can help rookie savers feel better about their retirement prospects. These mutual funds also do the work for you, automatically rebalancing as grow older.
3. Take a cold, hard look at your spending. There are countless things to stop wasting money on. Get real about what your needs and wants and you’ll find your wallet’s a whole lot fatter.