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When was the last time you thought about your ideal retirement?
If it’s not top-of-mind, don’t sweat it – you’re not alone. For many young people, it’s hard to imagine retiring when it’s so far away. However, it’s important to look to the future and plan what you’ll need to live out your golden years.
Thinking about something 35-40 years away can seem so abstract (and boring!), but there are ways to make it more perceptible. Research shows a majority of millennials see clear benefits from playing digital games; two in three (67 percent) say that games are important in helping them learn how to create winning strategies and seven in 10 feel it aids them in learning how to solve problems.
The campaign’s new resource, Yesterday’s Tomorrow, a free digital personal finance game, does just that by helping players understand the long-term impact of their financial choices and build a relationship with their future self.
Establish Your Retirement Needs and Goals
There are three main percentages you’ll want to keep in mind: the 5 percent Rule, the Stock Percentage Ratio and the “Safe” Withdrawal Rate. Head to feedthepig.org to find out what each of these means for you.
Start Funding Now
The first step is finding the right retirement options available to you and funding them to their fullest potential. Once you’ve determined what percentage of income you’ll need to save for retirement, the next step is figuring out where you need to put it. Visit feedthepig.org to see what different types of retirement accounts are available to you.
Consult Your CPA