Neil Gitnick of Opportunity Lending Reveals Retirement Tips for Generation Y

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Neil Gitnick, a 25-year veteran of finance and Associate at Opportunity Lending, shares his insider advice for people in their 20s to get ready for retirement.

Neil Gitnick knows that for people born in the 1980s, retirement is so far beyond the horizon it’s basically nonexistent. Twenty-somethings have a hard enough time paying back student loans, saving up for cars and finding their bearings in the professional world to be bothered with the cringe-worthy “R” word. But even in this unpredictable, lukewarm economy, Neil Gitnick of Opportunity Lending has some smart and simple advice to keep the MTV generation on-track and in-check as they slowly approach their golden years.

The first step, according to Neil Gitnick, is setting a goal. “Even though it’s light years away, that just means there’s more time to prepare,” explains Neil Gitnick. “Rome wasn’t built in a day. And if you fail to plan, you essentially plan to fail.”

Neil Gitnick goes on to say that factors to consider should include forecasted future expenses, such as medical conditions and mortgages, while also taking into account one’s life expectancy. People in their 20s today are projected to, on average, survive well into their 90s. “Saving 3 percent per year and locking it away for retirement is pretty standard,” says Neil Gitnick. “Though many people put away 5 percent and err on the safe side.”

Another word of wisdom from Neil Gitnick is to deal with the most important finances first to set the tone of saving. This helps promote the mindset that saving is important and also secures one’s financial footing in case of a rainy day. An emergency fund of $1,000 is a great place to start, stowed away in case one hits a patch of bad luck. “An unexpected job loss, car trouble or medical bills can hit hard, and if one is living paycheck to paycheck, there’s not much wiggle room,” Neil Gitnick explains.

With an emergency fund slowly amassing, another important skill to master is the management of debt. From credit cards to student loans, the debt owed by people in their 20s oftentimes seems so dismally overwhelming that is seems unapproachable. Debts can be huge psychological drains to even think about, but Gitnick explains that this is one battle that young people need to face head on, and the sooner the better. As interest compiles, Neil Gitnick explains, the situation only worsens.

No matter one’s age, planning for retirement can be stressful. Neil Gitnick and his colleagues at opportunity lending have over a century of combined experience in the financial industry and have served as personal and corporate advisers for accounts of all shapes and sizes. With experience in residential loan brokerage, escrow services, loss mitigation and asset management, more and more people are turning to finance professionals such as the ones found at Opportunity Lending to fortify their futures.

Neil Gitnick and Opportunity Lending can be contacted at: &

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