When saving for retirement, each generation has challenges and advantages. Challenges young adults face are student loan debt, lower-income levels, childcare expenses, homeownership expenses, and a lack of financial knowledge. These factors can decrease the funds available to set aside for retirement. These expenses are also current and need to be paid immediately, which leads to retirement savings being less of a priority. Generation X are mid-life individuals who are nearing retirement in a few short years. To eliminate income inequity in retirement, it's essential to start planning now.   Millennials Younger adults should focus on increasing their financial knowledge to secure their financial future. It’s common for younger adults to graduate college, gain employment, and not understand the benefits offered by their employers. Inquiring about the retirement plan options, evaluating plan documents, and the risks and benefits of the funds within the plan should be a top priority.

Saving for retirement may not seem like a priority when you are young. When college students graduate, they tend to be ready to conquer the world, but are they ready? Not possessing adequate financial knowledge about preparing for retirement after college can lead to a failure to invest in a secure retirement plan. Before starting a job after college, millennials should educate themselves on the barriers to retirement and ways to be financially ready to retire. Woman talking with retired father about retirement. Learn from your Mistakes Most millennials in their 30’s have had adequate time to prepare and learn from the mistakes of not investing in their retirement early. Not investing early has caused some millennials in their 30’s to have to catch up and recover from not investing in their 20’s but will allow them to have a significant financial cushion in place at retirement age. However, 20% of younger millennials in their 20’s may not have adequate funds for retirement. Younger mil

There are times in your life when managing your finances may not be the easiest thing to do without help. There are many resources available on the market, and the options of where to turn can be overwhelming. I've read many financial books, but there are three that have benefited me the most. The books are "Profit First" by Mike Michalowicz, "Rich Bitch” by Nicole Lapin, and "Rich Dad Poor Dad" by Robert Kiyosaki. These books have allowed me to determine that we all make mistakes when it comes to managing our money and that by communicating with others, you can accomplish your financial goals. Photo by Natasha Hall on Unsplash 1.   ‘ Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine ’ by Mike Michalowicz Ad Mike Michalowicz educates entrepreneurs on the ways that they can realize how to make their business profitable. Most business owners make money and spend it on other expenditures without paying themselves or s

Have you ever looked at your bank statement and realized that you earned a whopping one dollar in interest from your bank? Or are you charged ATM fees, overdraft fees, or fees for not having $500 in your checking account? These fees might be a sign that it's time to reevaluate who you bank with.  A reminder that there are multiple banking options. I switched my banking institution when I realized that I was receiving minimal benefits from the funds in my savings account. As a result, I took steps to research other banks and the savings account benefits. Investigating multiple banks allowed me to compare the pluses and minuses of each institution's offerings. Typically, the bank is not giving you money, but you give the bank your money to hold, protect, and ultimately increase it. See How one simple decision could save you $750 a year . Reasons People Look for New Banks There are other reasons you may be considering a new bank: The bank does not align with your financial goals

Teaching your children about family finances will benefit them presently and in the future. Understanding finances as a child can enable children to develop a positive money mindset and habits as they mature in life. Explaining the family budget, letting them know about your financial goals, and asking them if they have any questions lets children know that it’s okay to talk about money openly.  Mother showing her two children how to save money. The Family Budget Opening your monthly budget tracker and showing your children your income and expenses may seem like a daunting task. However, once your monthly budget is complete, a sense of relief can result, and it opens up the lines of communication. Your child may see the income first and be surprised at the amount of money you show them, but don’t stop there. Review the monthly expenses with your child, and they will see a decrease in the available funds. This can be a wake-up call to your child and educate them that there is a cost to