Teen FIRST STEPS IN RETIREMENT PLANNING - FOR ALL Even if you’re young, newly employed or haven’t yet started to save for retirement, many financial professionals agree planning is key to achieving a sense of security for your future. But a new survey shows if you’re a first- or second-generation American, a woman, African American, or Hispanic employee, you may feel disconnected from the financial services industry and its benefits.
O
ne reason is you may be less likely to have opportunities to save for retirement through your workplace - or you may feel the financial services industry is not geared toward serving the needs of you or your community.
74 TEEN
Americans
The good news? The financial services industry and many employers are working to offer greater accessibility for all employees trying to save for retirement - even with a moderate income - and are trying to make it easier for all their employees to be proactive about financial planning, no matter when or where they begin.
a secure retirement. Consulting a licensed financial professional can be one way to be sure the advice you receive is based on knowledge and expertise about the best ways to save for retirement. Fortunately, access to financial professionals with specialized certifications is much more accessible than you may think.
The new survey conducted by Harris Poll for Empower Retirement shows women and people of color feel underrepresented when it comes to retirement saving. In fact, 70% of all respondents said they agreed with the statement: “Retirement planning is a luxury not afforded to all types of Americans.” But the truth is retirement planning is possible, no matter where or when you start. And it can make a huge difference for your financial situation down the road.
Here are tips and resources to help you get started on your retirement planning journey.
Another issue is over half (52%) felt they would not be taken seriously as a client by a financial services company. People who feel financial professionals will not take them seriously instead turn to family (44%) or friends (25%) for advice. While the people you know may have your best interests at heart, they may lack the financial know-how to advise you on how to save effectively for
FLUENTIAL MAY / JUNE 2021
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Start now. No matter where you
are in your career, starting with small savings now can make a huge difference down the road - and those savings can accumulate and grow over time.
• Contact your HR department. Especially if you’re unsure what your employer offers for retirement planning, asking questions is a great place to start. Don’t be afraid to ask for explanations of unclear terms or services.
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Match those funds. Some employers will match your 401(k) contributions up to a certain percentage point, so you’ll get the full benefit of those funds by making sure you contribute at least that amount.
