Money-saving tips for millenials
BALTIMORE (WBFF) - A recent study from the National Institute on Retirement Security shows two thirds of millennials have nothing saved for retirement.
"I started to think, 'How much should I put away? Is it the right amount? Do I need to rethink my process?'" millennial Sarah Dickey said. "I knew I was gonna retire one day and put money away, but you always think you can do that later."
Financial advisors say the days are over to depend on social security or pensions for retirement.
"I'm not gonna have a pension, and, probably, most millennials won't have a pension, so the responsibility is on yourself to pay yourself first," financial advisor Sharon Grinestaff said. "Because money is taboo, if you're not talking about it, you're not learning the things you're supposed to learn. Unfortunately, millennials don't have access to financial advice."
Grinestaff and her husband offer financial advice online. She says there are four things millennials need to remember when saving money for retirement: put money away--at least 10% of every paycheck from the time you enter the workforce; find a side gig; watch what you spend on big and small expenses; and, get good, responsible financial advice.