SEVERE WX : Freeze Warning View Alerts

Your Money Matter: Advice for Millennials On Retirement

Retirement is something people who work look forward to. But some studies show that Millennials may never get the chance to do so. Our financial expert is weighing in to help millennials make the right choices now so they can retire once they are older.

Posted: Apr 6, 2021 11:06 PM
Updated: Apr 6, 2021 11:35 PM

LAFAYETTE, Ind. (WLFI)-Retirement is something people who work look forward to. But some studies show that Millennials may never get the chance to do so. Our financial expert is weighing in to help millennials make the right choices now so they can retire once they are older. Financial Expert Nick Royer says one reason Millennials may have a hard time retiring is that they spend more money.

"There are a lot more things to spend money on and there are a lot more things to spend a lot of money on," said Nick Royer a Master Registered Financial Consultant.  "Unfortunately, if it's being spent there less of it's going in your pocket to save for later on in life."-Nick

So, for Millenials looking to retire when they are 65 Royers says they need to make sure they are controlling their debt.

"Debt is what fifteen or twenty percent interest that you are paying and if you are trying to save in a 401K and that earns eight percent but you are paying twenty percent in interest you are going backward," added Royer. 

He also says it is important to make sure you have a solid budget.

"Make sure that you have an iron-clad budget there are a lot of resources out there that you can use one is called you need a budget YNAB," added Royer. 

Another way to make sure you can retire is by saving.

"Go out and automatically just get it done set up an account and have money automatically going into it every month so you don't have to decide do I save this month or not it just automatically happens," said Royer.

Royer says if you aren't able to save from your single income you should either cut your expenses or get a second job.
If you get a second job, he advises you to live off your main income and save your second one.

Lafayette
Mostly Cloudy
42° wxIcon
Hi: 49° Lo: 30°
Feels Like: 38°
Kokomo
Partly Cloudy
35° wxIcon
Hi: 41° Lo: 24°
Feels Like: 35°
Rensselaer
Mostly Cloudy
34° wxIcon
Hi: 46° Lo: 31°
Feels Like: 34°
Lafayette
Cloudy
42° wxIcon
Hi: 46° Lo: 29°
Feels Like: 38°
Danville
Cloudy
37° wxIcon
Hi: 47° Lo: 30°
Feels Like: 37°
Frankfort
Mostly Cloudy
36° wxIcon
Hi: 46° Lo: 26°
Feels Like: 29°
Frankfort
Mostly Cloudy
36° wxIcon
Hi: 44° Lo: 25°
Feels Like: 29°
Monticello
Mostly Cloudy
37° wxIcon
Hi: 45° Lo: 27°
Feels Like: 37°
Monticello
Mostly Cloudy
37° wxIcon
Hi: 48° Lo: 30°
Feels Like: 37°
Logansport
Mostly Cloudy
34° wxIcon
Hi: 41° Lo: 25°
Feels Like: 34°
Freezing to 80s & Storms...
WLFI Radar
WLFI Temps
WLFI Planner

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 709455

Reported Deaths: 13234
CountyCasesDeaths
Marion967001722
Lake51824946
Allen39279673
Hamilton34580406
St. Joseph34207541
Elkhart27376432
Vanderburgh22091394
Tippecanoe21886212
Porter17952299
Johnson17556374
Hendricks16837310
Clark12705190
Madison12358337
Vigo12226244
Monroe11484166
LaPorte11175204
Delaware10374184
Howard9677211
Kosciusko9152114
Hancock8000139
Bartholomew7896155
Warrick7698155
Floyd7567176
Wayne6910198
Grant6852171
Boone6562100
Morgan6404138
Dubois6086117
Marshall5792109
Dearborn570776
Cass5689102
Henry5582101
Noble542683
Jackson493970
Shelby479895
Lawrence4347118
Gibson429089
Harrison428970
Clinton420253
Montgomery418386
DeKalb412184
Whitley381439
Huntington380180
Miami373265
Knox367089
Steuben366657
Putnam353360
Jasper351346
Wabash347878
Adams338153
Ripley334968
Jefferson313280
White308554
Daviess289699
Wells286681
Decatur279192
Fayette277362
Greene270785
Posey269133
Scott261553
LaGrange254270
Clay253545
Randolph235880
Washington231131
Spencer228031
Jennings225147
Fountain208945
Sullivan207942
Starke205452
Owen192656
Fulton192140
Jay186429
Carroll186120
Perry181036
Orange178053
Rush170824
Vermillion166143
Franklin165635
Tipton161043
Parke144616
Blackford133931
Pike130334
Pulaski114045
Newton104234
Brown100740
Crawford97914
Benton97113
Martin82915
Warren80115
Switzerland7698
Union70110
Ohio56011
Unassigned0408

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events