BALTIMORE, Feb. 25, 2021 /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement, has published steps investors, in each generation, can take to secure a stronger financial position for their future retirement.
"Investors at any age can plan ahead to ensure they are ready for retirement," said Judith Ward, CFP, senior financial planner at T. Rowe Price. "The key is to make retirement savings a priority early and then maintain that focus throughout your working years. Once retired, remaining focused on a sustainable plan can help investors throughout their retirement years as well."
Key highlights for each generation can be found below and the comprehensive insights can be found here.
Millennials: Ages 24-39It is critical that millennials start saving for their long-term goals—especially retirement—as soon as possible. Younger investors can take full advantage of the power of compounding over several decades.
- Start saving now
- Consider saving in a Roth account
- Focus on the growth potential of stocks
Generation X: Ages 40-55Gen Xers are likely entering their peak earning years. While some are still juggling competing financial goals, others may be enjoying more financial freedom as their children move out or graduate from college. As a result, the latter group may be able to redirect resources toward their retirement savings.
- Check your retirement savings progress
- Consider supplementing savings with a taxable account
- Maintain a healthy exposure to stocks
Baby Boomers: Ages 56-74For Baby Boomers who are not yet retired, this is the time to review your retirement readiness.
- Assess your situation
- Consider broadening your tax diversification with multiple types of accounts
- Review your asset allocation
ABOUT T. ROWE PRICEFounded in 1937, T. Rowe Price (NASDAQ-GS: TROW) is an independent global asset management company with $1.46 trillion in assets under management as of January 31, 2021. The firm is focused on delivering investment excellence and retirement services for institutional, intermediary, and individual investors. Our strategic investing approach, driven by independent thinking and guided by rigorous research, helps clients feel confident in pursuing financial goals. For more information, visit troweprice.com , Twitter , YouTube , LinkedIn , Instagram , or Facebook .
SOURCE T. Rowe Price Group, Inc.