Older millennials are now in their 30s and in the prime of their careers. You might not be thinking about retirement now, but as you gradually prepare to leave the workforce, you will need long-term financial stability. One of the best things you can do in your 30s to prepare for retirement is to upgrade your career. Perhaps you went to college for social work but you've read that there is a high demand for nurses. You can return to school and become a registered nurse or certified nurse's assistant.
Boost those savings
Part of having financial maturity is to put aside instant gratification for the sake of long-term goals. If necessary, reorganize your budget in such a way that you will have more income for savings. Cut out unnecessary expenses and use any surplus money to add to your savings account. Consider opening an IRA account, as this boosts your savings even more.
Continue to pay down debts
Another important part of retirement preparation is to pay down as much debt as possible. Get copies of your credit report from the following credit bureaus; Experian, Equifax and TransUnion. Look over the reports and pay some of the debts listed. Dispute any errors on the credit reports by sending copies of receipts or letters you have stating that certain debts were paid.
Get life insurance
Even if you are healthy now, a sudden health crisis or death can happen to you and this will put a financial strain on your family. One type of life insurance is term insurance. With this insurance your survivors receive payments for a certain amount of time. You'll want to get enough coverage to equal or exceed your annual income. There is also whole life insurance, with which your beneficiaries receive payments for their lifetime as long as the policy is paid.
Consider buying an investment property
Another way to ensure a prosperous retirement is to purchase an investment property that you can rent out to tenants. You'll want to save up as much as possible for a down payment, because the larger the down payment, the less you will have to pay each month on the mortgage. Avoid the fixer-uppers because you will have extra costs for renovation.
Get health insurance
Retirement is not just about a better financial future after you leave the workforce. Your health is important because it enables you to enjoy your retirement years. Review your policy every few months and choose a different provider if your current one is inadequate for your needs.
Develop new interests
After retirement you might start a more fulfilling career, or you could use that time to nurture new interests. Find new activities that are in line with your interests. This will keep life exciting in your later years.
Retirement is not that far away if you are in your thirties. Prepare while you are still working, so that it will not be a struggle once you enter your later years.