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What about Millennial Career and Retirement Plans

  July 1, 2021  |    #Make Money

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Why millennial career and retirement planning is unique

Today’s job and investment markets are different beasts than what other generations dealt with when they started their careers. These make millennial career and retirement planning unique and exciting. Meanwhile, grab your free copy of the  5 Building Blocks of a Happy Gay Life here.

Millennial career and retirement planning

As we’ve learned from David’s stepson and our nieces, millennials have redefined success. The previous generation’s definitions, such as expensive cars and large houses, don’t necessarily meet the millennial generation’s definitions.

Because of technological advancements and the need for businesses to adapt, millennials play critical roles in fostering such advancement.

Let’s talk about millennial career and retirement planning on Queer Money®:

Millennial career and retirement planning considerations

That said, business is different today and all generations must adapt. When starting careers, many people experience job-hopping. On this Queer Money®, we discuss the considerations millennials should take when changing jobs or job-hopping to not lose benefits and money.

We discuss the benefits of saving and investing early. The David’s (David Rae and David Auten) share calculations and examples of the benefits of starting investing young and consistently which make us regret not starting earlier.

Large student loans are a somewhat unique consideration for millennials. Rae shares his advice on chipping away at student loan debt while also working towards other financial goals, such as buying a house and saving for retirement. He also discusses how to take advantage of today’s low-interest-rate environment.

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The benefits of today’s gig economy are endless. Multiple streams of income can help millennials pay down student loans and other debt more quickly, or generate spending money so more money from a W-2 job can go towards savings and retirement. Part-time jobs can be replaced by side hustles and side-hustles can lead to employment independence.

Millennial investment options

We discuss investment options for millennials and their retirement savings. Rae shares insights on investments such as mutual funds, exchange-traded funds (ETFs) and stocks and the benefits of investing in each. Despite the initial apprehension of most new investors, millennials should invest and Rae shares why.

Company stock options are also considerations, especially because workers have multiple reasons to invest in their employer. Rae shares his strategy for investing in company stock options so as to not thwart progress towards other financial goals.

Of course, we talk about the ever-present need and benefit of emergency savings accounts.

How to keep your 401(k)s

Do you have money in a retirement plan with a former employer?

Today’s job and investment markets, especially because of COVID-19 and politics, are different beasts than generations ago. These considerations make millennials’ career and retirement planning unique (and exciting).

When starting careers, many folks job hop. On this Queer Money®, we discuss the considerations millennials should take when changing jobs or job-hopping so as to not lose benefits and money.

On this Queer Money Follow-Up, we discuss whether and how things have changed over the last five years, and what people – millennials or not – should do today with money left behind at an old job.

Our Queer Money Follow-Up on millennial career and retirement planning:

Check out this first of three episodes, millennial career and retirement planning, of Queer Money® episodes for generational career and retirement planning. Finally, let us know in the comments below: Do you have money in a retirement plan with a former employer?

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5 Building Blocks of a Happy Gay Life

We’re David and John Auten-Schneider, the Debt Free Guys (www.debtfreeguys.com) and hosts of the Queer Money® podcast. We help queer people (and allies) live fabulously not fabulously broke by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs and 3) save and invest for retirement.

Here’s more help for retiring early:

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