It’s no secret that the millennial generation, born between 1981 and 1996, has inherited a bleak economic landscape, a path ridden with obstacles making it seemingly more difficult every day to achieve the American Dream.
While the cost of living escalates, and debts continue to accumulate in the form of student loans, car loans, and credit card interest payments, many millennials struggle to pay monthly bills, and few are able to save up for retirement.
For many, securing a financially stable retirement can seem like an impossible dream.
Additionally many millennials are limited to working freelance gigs and/or part-time jobs, which limits them from the option of investing in 401(k) retirement plans or mutual funds.
Consequently, a whopping 66% of millennials have no retirement savings, even when starting young families.
Further, when you factor in the instability of corporate retirement pensions and federal retirement aid programs such as Social Security, many are seeking new ways to save up for retirement.
The landscape is so bleak in fact, that current estimates project that millennials will need to spend the next 30 years of their lives saving up at least 40% of their income in order to secure a reasonably stable retirement, assuming they want to retire by age 65.
The reality, however, is that only one in five millennials is able to save more than 15% of their income, and most are actually able to contribute less than 6% of their earnings to a 401k or retirement fund.
Very few are able to accumulate substantial savings, and most will likely have to work until well past the age of 70 before retiring.
A recent survey by T. Rowe Price confirmed this, noting that, according to its findings, 32% of millennials will have to wait until after the age of 75 to retire.
But there are actually options in the financial world that can help millennials and other professionals catch up on debt payments while also setting aside savings for retirement and protecting their family and loved ones in case of an unforeseen tragedy.
Perhaps you’ve never considered life insurance as a solution to debt as well as a means to save up for retirement, but there are solutions to help you get out of debt and save up a nest egg for your retirement.
Imagine Paying Off Debt While Saving Up for Retirement!
Many financial groups offer an extensive portfolio of life insurance and annuity products that provide real-life solutions for real-life clients.
Working as independent agents, their insurance experts have access to many top insurance carriers from which to shop around for the best customized insurance plan options to provide solutions for individuals and families hoping to secure a stable future for themselves and their loved ones.
The right financial group agent will provide access to various types of insurance plans including Universal Life as well as Universal Life, Term Life, Mortgage Protection, Final Expense, Critical Illness, Disability, and many other types of insurance coverage that protect your home and family in times of need.
Shop around for one that provides life insurance plans dedicated to helping young professionals who are struggling to pay off debt.
A Simplified Plan that Provides Solid Solutions
Life plans that focus on debt reduction provide a simplified solution that combines a life insurance plan with a built in debt reduction program as well as a built in cash value that can help millennials pay down debt and start saving up for retirement, all while also protecting their loved ones with a solid life insurance policy.
These solutions allow for a simple integration of life insurance premium payments that also double as debt reduction payments and retirement savings deposits.
As long as your monthly premiums are paid, these policies will apply funds drawn from the policy’s own cash value amount to pay down debts little by little.
Once all debts have been paid off, the remaining balance goes directly into a retirement savings account that earns interest tax-free.
The great news is you can do all of these things without spending any extra money!
Eliminate Debt and Free Up Possibilities
These policies are ideal insurance products for any individual or family who wants to be proactive in the face of today’s challenging economy, while also preparing for the challenges of retirement.
If you want to free yourself of the debilitating weight of growing debt, while maximizing your retirement savings and protecting your family with a solid life insurance policy, this may be the perfect solution for you.
Take the time to research debt-free policies online to find out more information. If you’re a financially-struggling millennial, this type of product may be perfect for you!
Who knew that life insurance could provide these extra benefits?