Ways millennials can reach financial independence
December 17, 2019 by Paola Peralta
Welcome to Retirement Scan, our daily roundup of retirement news your clients may be talking about.
Ways millennials can reach financial independence
Millennials are advised to consider redefining their concept of retirement and pursue financial independence, as their hurdles are different from those of baby boomers and Gen-Xers, according to this article in MarketWatch. To achieve independence, these clients will need to focus on managing their spending and invest any accrued savings in a tax-efficient accounts. They are also advised to create multiple income streams that are subject to varrying tax treatments.
The pros and cons of 401k rollovers
Clients must weigh their options before rolling their 401(k) funds to an IRA, a Forbes contributor writes. A 401(k) rollover could benefit clients who are not pleased with their investments’ performance, the poor advice they get, the high costs they pay and the limited options they have in the plan, he writes. Moving 401(k) assets to another plan doesn’t make sense if their current plan is less expensive and offers more investment options. “Finding a good, objective financial advisor can help you make better decisions and improve your wealth outcomes,” according to the article.
Click HERE to read the full story via Financial Planning