Prepared by MetLife
Delivered courtesy of Wayne Kuykendall, Financial Services Representative
Strategic Financial Partners, an office of MetLife
When you’re in your twenties, probably at your first job, stuggling to make ends meet, saving for your future may be the least of your concerns.Even with decades of work ahead of you, however, in these uncertain times, saving for your futureisn’t something you can afford to put off.
Wondering where to start? Here are five financial tips every young adult should consider to help manage money and better prepare for the future:
1) Invest in your future. These days, technology changes in the blink of an eye. To make certain you’re not blindsided, make it a point to make ongoing career education a priority. Doing so will not only enhance your skills, but increase your professional potential. The more varied and flexible your skills, the more attractive you may be to prospective employers.
2) Start saving now for later. The uncertainty of today’s workplace may mean that your professional life may be interrupted by short or long periods of change. Therefore,you may face periods of unstable income, so creating an emergency fund to cover several months’ worth of living expenses can help you manage these transitions. You may also use these savings for other opportunities, such as starting your own business or continuing your education.
3) Save early and often for retirement. Retirement may seem very far off right now. But today, saving for your retirement is your responsibility, and it will take discipline, diligence and lots of time to make it happen. With employer-sponsored retirement plans,the responsibility of saving rests on your shoulders, so maketime and compound interestyour allies.
4) Let retirement funds accumulate. If you change jobs often in your working years, consider rolling over your account into an Individual Retirement Account (IRA)or new company retirement plan. Although it may be tempting to cash in the account, especially if you have accumulated only a small amount, be careful: doing so makes it immediately taxable and you may also incur an early withdrawal penalty. A greater concernis that you may be unable to make up for time already spent to accrue these savings.
5) Use credit wisely. Credit card companies frequently target young adults with the lure of “easy money.” While credit cards offer convenience (it’s virtually impossible to conduct some transactions, such as reserving airline tickets, without one), they also have the potential to create debt problems. Because payments can be stretched far into the future, overspending on credit can create an illusion of wealth. Paying off the balance each month is the best way to control credit.
Plan Now for the Future
Remember, the funds you accumulate during your working years will likely be your primary source of retirement income. Although no one knows what the future will bring, a little discipline and common sense over time can help you better manage your current and future financial affairs.
For more information on the financial, risk and wealth management strategies thatWayne Kuykendall provides, please contact himat256-777-4524, wayne.d.kuykendall@strategicfinancialpartners.com, or 105 South Marion Street, Suite 202, Athens, AL 35611.
About the MetLife Premier Client Group
The MetLife Premier Client Group (MPCG) provides consumers and small businesses with access to local financial professionals across the United States who can provide advice and guidance tailored to their financial needs. MPCG financial professionals stand out in the market for their holistic financial strategies, their team-oriented approach to client service and their adherence to a core financial planning philosophy that helps clients both grow and safeguard their assets. MPCG’s highly trained and credentialed representatives provide their clients with a wide range of services, including wealth management, retirement planning, estate planning and small business planning. For more information, please visit www.metlife.com/premier.
About MetLife
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
The MetLife Premier Client Group is a distribution channel of Metropolitan Life Insurance Company (MLIC), New York, NY 10166. Securities and investment advisory services offered through MetLife Securities, Inc. (MSI) (member FINRA/SIPC) and a registered investment adviser, 1095 Avenue of the Americas, New York, NY 10036. MLIC and MSI are MetLife companies.
Pursuant to IRS Circular 230, MetLife is providing you with the following notification: The information contained in this brochure is not intended to (and cannot) be used by anyone to avoid IRS penalties.You should seek advice based on your particular circumstances from an independent tax advisor.
The foregoing discussion is general in nature and not intended as specific advice. Neither MetLife nor its representatives are engaged in rendering tax, accounting or legal advice. A qualified professional should be consulted regarding the effect of such considerations on the matters covered in this publication.
