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.