Chicago, IL (PRWEB) June 20, 2013
Although there are many articles that provide recent college graduates with financial advice for smarter saving and investment practices, industry professional Michael Kabarec explains that slightly-older adults should also have tips available to establish fiscal fortitude. While it is commonly perceived that the earlier one starts planning for a financial future, the greater success the individual will have, Kabarec explains that it is never too late for individuals to change their outlook to establish a strong fiscal foundation. As such, he encourages professionals just outside of the “Millenial” generation to review a recent article from U.S. News and World Report that offers “a financial checklist for 30-somethings.”
According to Michael Kabarec, while many people in their 30s will try to rate their financial literacy by comparing their practices to their parents’ success, the truth is that this generation of young professional is vastly different as those in the past. Following a similar sentiment, the article explains, “A generation ago, most 30-year-olds were full-fledged adults, with homes of their own, families, and jobs. Today’s 30-somethings take a little longer to grow up. They delay marriage and are slower to settle into careers. That means their finances often bloom later, too.”
Kabarec highlights one important tip in the article that encourages these adults to contribute at least 10 percent of their income toward retirement savings. U.S. News and World Report explains, “...[Social Security] will start taking in less than it pays out around 2016, and by 2037, as today’s 30-somethings start thinking about retiring, it’s scheduled to run out. At that point, if nothing changes, the benefits will shrink to about three-quarters of what they are now because only money that is then being paid into the system will be paid out.”
Michael Kabarec responds, “Saving for retirement is critical, but while 10 percent may seem like a significant contribution for those who have yet to establish these accounts—it is still fairly feasible. First, today’s professionals should realize that with new cultural patterns and improved health, it is likely that retirement will come much later than it does today—which means there is still time to save. In addition, cutting out extraneous expenses can help achieve this 10 percent contribution, or even surpass it.”
The article also highlights the importance of streamlining financial accounts, assets and records to make it easier to view the bigger picture. It states, “Set up online bill payments, automate savings transfers, and shop online where it saves time and money.” As an investment management professional, Michael Kabarec explains that many 30-somethings may find that recruiting the help of a financial planner or advisor is another great way to simplify fiscal matters.
Michael Kabarec is a trusted investment management professional who carries more than 30 years of experience in this challenging career field. Throughout his professional history, Michael Kabarec has gained strong insight into what skills and knowledge is necessary to perform tax management, investment management, wealth building services, small business development and retirement plans. Today, Michael Kabarec relies on his proficiencies in these areas to serve as President at Kabarec Financial Advisors, Ltd.—a Chicago-based investment management, financial and wealth advisory firm that has existed since 1982.