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Having a stress-free retirement with more than enough money to retire with should be what we all strive for. When it comes to investing and saving, millennials have some advantage over other age groups, as they have more time to save up. However, a study revealed that millennials have unrealistic retirement plans, where 15% thought winning the lottery was a viable retirement strategy while 11% expect to be gifted retirement money. You need a strategy to plan for retirement in your early 20s.

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This is a proof that people in their 20s are not adequately prepared for their retirement, even though they are the ones known to struggle with retirement savings. In this post, we will highlight tips on how you can get started in saving up for your retirement as early as now.

Start saving today

The first step is to start saving now by opening a savings account. Most employers offer a savings vehicle, like the 401(k) or 403(b), that you can take advantage of and put some money in for your retirement as early as now. Depending on the company match rules, it can yield an immediate 50%+ return on investment. There is also an option to open a traditional IRA or Roth IRA that automatically deducts money from your paycheck to be transferred into your retirement account. Start by saving at least 10% of your gross income and work up from there as your paycheck increases over time.

Freedom from debt

The fastest way you will be able to save enough for your retirement is by getting out of debt. Most millennials are still managing their student loans while incurring other liabilities by getting a high-interest credit card. You will not be able to start saving enough if you are still worrying about paying some of your debts off. It’s time to look at your list of liabilities and find the most effective way to repay them. Be smart in getting loans or credit cards. If there’s no need to get one, avoid it as much as you can.

Invest in long-term opportunities

Millennials must start placing their money on viable long-term opportunities with high returns, such as forex mb-2016-06-graphtrading. There are various reasons why forex trading is alluring for young investors. First, it has a low risk aversion compared with other opportunities. Second, it works perfectly with conservative trading systems where you can cap losses effectively. Lastly, it requires technology to implement strategies, which millennials have high affinity for. The most important variable in investment is creating a diversified portfolio.  Do this by looking at other opportunities where you can place your money.  Target investments include dividend growth, stocks and real estate.

Hire a reliable financial advisor

Do not do it on your own. There are reliable services you can get to benefit from your savings and investments, such as seeking a financial advisor. This professional will help you manage, track, and provide advice to you.  This will help you achieve financial freedom as well as your future goals.  Make sure that they understand your goals.  Another tip is to make sure that they work with other millennials.  Having this experience under their belt will help ensure that they serve your best interests.