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Retirement Strategies for Younger Workers in Virginia

Estate planning for 20 somethingsNow is the time to adopt financial habits that determine a successful retirement, even if you’re still in your 20s.

(Note: Parents, here is a great article to share with your twenty-something adult children!)

If you are a twenty-something, you have plenty of time to think about investing, right?  Even so, a recent article from U.S. News & World Report, titled "10 retirement moves for your 20s," confirms that this is your decade to create the financial habits that will work for you and help you have a comfortable retirement. The original article details some retirement strategies you can start now to develop those crucial financial habits.

Here is an overview before you click over to read the article yourself:

  • Pay yourself first. This old adage is vital to be successful in your savings mentality, especially when you are a twenty-something. Opening a 401k through your employer is a great way to save. The nice thing about this is most everyone now has a payroll deduction option, so you can set aside a dollar amount or a percentage of your income straight to your retirement account every time you get paid. Since it is an automatic deposit of a relatively small amount, you likely will not miss it.
  • Control spending. The less you spend, the more you can save. Makes sense, right? Now this does not mean you have to live like a starving artist (unless you are, indeed, an artist who is starving!), but you should be in the habit of spending less than you earn each month. An easy way to do this is to pay with cash! Credit cards are convenient, but they come with heavy interest charges and fees — as well as a relaxed, "No worries, I can pay later" attitude. Perhaps keep a card for emergencies, but know what you have in your wallet and in the bank.
  • Eliminate debt. Did you know non-mortgage debt is one of the greatest impediments to retirement? Paying yourself first is hard to do if also have to pay credit cards, student loans, and your monthly car loan installment. Work on eliminating that debt now and focus on avoiding debt altogether.

Organizing your finances need not be complicated or time-consuming. Adopt a system for organizing digital and hard copies of financial information—there are plenty of software programs and applications on the web. These will save you time and help you analyze your spending habits.

Read more about these tips and others in the original article. Call your estate planning attorney with any questions. What estate planning attorney, you ask? Now is the time to talk to one. He or she will have the resources and relationships to help you get … and stay on track.

You can learn more about this topic as well as other strategies on our website under the tab entitled: estate planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.

Reference: U.S. News & World Report (November 20, 2013) "10 retirement moves for your 20s"

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Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.