T. Rowe Price Experts Provide Retirement Savings Tips For Each Generation
"Investors at any age can plan ahead to ensure they are ready for retirement," said
Key highlights for each generation can be found below and the comprehensive insights can be found here.
Millennials: Ages 24-39
It is critical that millennials start saving for their long-term goals—especially retirement—as soon as possible. Younger investors can take full advantage of the power of compounding over several decades.
- Start saving now
- Consider saving in a Roth account
- Focus on the growth potential of stocks
Generation X: Ages 40-55
Gen Xers are likely entering their peak earning years. While some are still juggling competing financial goals, others may be enjoying more financial freedom as their children move out or graduate from college. As a result, the latter group may be able to redirect resources toward their retirement savings.
- Check your retirement savings progress
- Consider supplementing savings with a taxable account
- Maintain a healthy exposure to stocks
Baby Boomers: Ages 56-74
For Baby Boomers who are not yet retired, this is the time to review your retirement readiness.
- Assess your situation
- Consider broadening your tax diversification with multiple types of accounts
- Review your asset allocation
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T. ROWE PRICE, PUBLIC RELATIONS: Monique Bosco, 410-345-5740, Monique.Bosco@troweprice.com; Laura Parsons, 443-472-2281, Laura.Parsons@troweprice.com