Retirement Outlook for Millennials Looking Mighty Good in 2022 – Retirement should be that golden fun period that you’ve been looking forward to for most of your working life. It’s a time you can sit back, relax, travel, and/or simply enjoy the fruits from your decades of labor.
Yet, all too often, retirees find themselves coming up financially short after that celebrated final day at the office. When that happens, retirees need to get creative to come up with ways to make more money just to get by month after month.
Luckily, one very effective way for retirees aged 62 and older is to apply for a reverse mortgage. If you’ve owned your family home for decades and been paying on the mortgage religiously, then you can tap into all that equity you’ve built up.
Once you’re approved for a reverse mortgage, you can take your proceeds in one lump sum payment, or you can choose to take monthly disbursements. It’s totally up to you. To find out how much of a reverse mortgage you qualify for, refer to this online calculator: https://reverse.mortgage/calculator.
The best part about a reverse mortgage is you never need to repay the loan (or another mortgage payment, for that matter) until you leave the home, or you die. It’s a win/win for those retirees, be they Baby Boomers, Gen Xers, or even Millennials who, one day in the not too distant future, might need some extra cash in their golden years.
But this begs the question, which generation will be benefitting the most out of retirement? According to a new report, the COVID-19 pandemic and its many ongoing variants have brought about many changes for Americans. One surprising fact is that lots of these financial changes have actually been positive in nature.
Says a recent study conducted by AIG Survey titled “Moving Forward: Planning for the Future in Changing Times.,” one generation in particular is said to be far more optimistic regarding their retirement prospects than their older counterparts. It might come as a surprise to learn which “demographic group has changed its outlook for the better.”
Millennials to Benefit Big Time in Retirement
AIG’s study concludes that millennials have experienced a massive shift in their retirement outlook. In fact, upwards of 35 percent of the respondents to the millennial survey attest to having a much more positive outlook on their future retirement prospects in a post-pandemic world compared to only 26 percent of Gen Xers and 13 percent of Baby Boomers.
This might come as a shock to some since many Millennials have been presented with some “unprecedented challenges” leading up to the pandemic. These include the Great Recession that accompanied their entry into the job market, burdensome student loan debt, and slow economic growth than workforces enjoyed from the previous two generations.
Savings is the Key
States the AIG study, Millennial optimism is justified. That’s because 53 percent of them have been able to increase their rate of savings during the past few years. Nearly 50 percent of them have seen a notable increase in assets and savings, including investments in cryptocurrencies (an opportunity still largely shunned by Baby Boomers and Gen Xers alike).
Four out of ten Millennials are also said to have seen their “household employment income” increase while, at the same time, they realized a decline in non-mortgage related debt.
Steps Every Generation Can Take to Improve their Finances
Says the study, members of all three generations can improve their prospects for retirement with just several easy steps. Maybe Millennials are finding that their retirement outlook is looking mighty good now in 2022, but in all reality, everyone should be in the position of looking forward to this special time in life.
What’s the answer? You need to understand entirely what you require to be financially prepared to take on the proactive steps that will guarantee you have the money you need to live on when those paychecks stop coming in.
Here are some ideas:
–Set realistic retirement saving goals: In other words, sit down and calculate how much money you’re going to need in retirement to maintain your existing lifestyle as an everyday worker. One way to do this is to assume that you’ll require somewhere around 10 times your final annual salary.
–Automate your saving practices: This means setting up automatic transfers so that automatic transfers occur with zero effort or thought on your part. For instance, if you know you need $600 worth of investment per month, you need to arrange an automatic transfer out of your weekly or biweekly paycheck that will be placed in your 401(k) account.
By automating your savings efforts, while being consistent with your investment goals, you should have no problem coming up with the necessary funds to support yourself when your working years finally come to an end.
It doesn’t matter what generation you were born into, when you retire you want it to be a worry free existence.
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Review Retirement Outlook for Millennials Looking Mighty Good in 2022.