Retirement seems so far for someone in their teenage years or even early 20s. But by taking steps now to save and invest, you can set yourself up for a comfortable retirement and achieve your financial goals. This means THAT GOOD LIFE (tan, beach all day, hike, travel, eat hella good food etc.)
Let's get into it and plan for retirement early!!
Steps to take as a teenager/early adulthood
As a teenager, you may not have a lot of income or financial responsibilities, but it's still important to start building good habits now. Here are a few steps you can take:
Open a savings account and start saving a portion of your income
Learn about investing and start investing in a low-cost index fund or ETF (Tip: Look into the S&P 500!!)
Avoid debt and credit card debt by paying off balances in full each month (Only buy what you can pay!)
Start tracking your expenses to develop a budget and live within your means (This means no door dashing everyday and spending it on Roblox games)
Determine your financial goals and how much you need to save to achieve them
Maximize your retirement savings by contributing to a 401(k) or IRA (If you have a job ask your job if they have this for you!!)
Consider alternative sources of income, such as real estate investing or starting a side business or side hustle
Develop a budget and live frugally to reduce your expenses and save more
Of course it you have any questions, don't be afraid to ask for help or advice from a parent, teacher, or financial advisor.
The Jetson app is a great tool for helping you plan for retirement early. Jetson is an app that helps you make money and grow it to where you can retire early. It offers a range of tools and features, including daily educational quizzes, investment tips, and personalized advice from our team!
If you're curious at all about it, give it a download and check it out — Jetson app. If you're not ready for it, give out socials a follow where we give you different tips and tricks of saving and making money.
Remember that retiring early requires sacrifice and discipline, but it can also provide you with more time and freedom to pursue your passions and interests.
It can help you achieve your financial goals and set you up for a comfortable future. By taking steps as a teenager or in your early adulthood, using tools like the Jetson app, and learning how to retire early, you can start building a solid financial foundation for your future.