Jeff LaBelle Explains Why Young People Should Start Saving for Retirement ASAP
Millennials and zoomers need to start saving for retirement as soon as possible. Retirement guru Jeff LaBelle explains why starting early is essential.
Did you know that the median retirement savings for millennials weigh in at just $23,000 as of 2020? At a similar point in their lives, baby boomers had already saved $144,000 while Gen Xers had set aside $64,000. Financial expert Jeff LaBelle urges younger people to start saving sooner rather than later. “Time is very important when it comes to retirement,” Jeffrey LaBelle says. “You have to think about earnings and compound interest rates and growth. Starting young is vital when it comes to retirement.” The S&P 500 has gained, on average, about 10 percent each year since its inception. Let’s say you set aside $50,000 right now, and it grows by 10 percent each year. In about 20 years, that initial investment would be worth roughly $336,000. In 30 years, however, it’d be worth over $870,000! The difference of just a decade can have a huge impact on your wealth. If you start investing for retirement in your twenties and early thirties, your future self will thank you. By saving and investing now, you can ensure that your golden years truly are golden. “Fact is, retirement is a lot more expensive than many young people realize,” Jeffrey LaBelle notes. “We’re living longer now than ever before, and once you retire, you may have decades during which you need to support yourself without working.” When Social Security was founded, a lot of retirees only lived into their mid-to-late seventies. With a small savings account and Social Security checks, many retirees could get by, especially if they had some help from family. Nowadays, many people are living into their 80s and 90s. They typically need quite a bit to get by. Indeed, as people age, life often becomes more expensive. Social Security checks that may have been adequate at 70 may not be enough at 85. By starting early, millennials and zoomers can help ensure that they have enough money set aside to enjoy retirement. And remember, it’s never too late nor ever too soon to start saving for retirement. Even if you are a bit behind in saving, by starting ASAP you can start to close the gap.
Jeff LaBelle Discusses How to Invest For Retirement
Convinced that you need to start saving for retirement? Great! So how do you go about actually saving? Mr. LaBelle provides some tips. “First, make sure you’re taking advantage of any 401K plans and matching contributions from employers,” Jeff LaBelle suggests. “As for specific investments, if you’re unfamiliar with financial markets, low fee Exchange Traded Funds, which are tied to stock indices like the NASDAQ or S&P 500, are a good place to start.” As you set aside money for retirement, you should also start to increase your knowledge of markets and investment opportunities. Fortunately, there are tons of books and websites out there that can provide insights. Jeffrey Labelle offers Investment Advisory Services through Kovack Advisors, Inc. an SEC Registered Investment Advisor, 6451 N. Federal Highway, Suite 1201, Ft. Lauderdale, FL 33308 (954) 782-4771. Gulf Coast Wealth Advisors is not affiliated with Kovack Advisors, Inc. Jeffrey Labelle is registered as an Investment Advisor Representative in Florida.” The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Estate planning is done in conjunction with your estate planning attorney, tax attorney and/or CPA. Investment decisions must be made on individual Risk Tolerance, Investment Objectives and Time Horizon.
Jeffrey LaBelle Gulf Coast Wealth Advisors +1 941-362-0700
Gulf Coast Wealth Advisors