Life lessons: Saving when you're young

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20 Under 40: JenniferDessoye

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Dr. Jennifer Dessoye is assistant professor of occupational therapy at Misericordia University and owner of Bright Beginnings Early Learning Academy (BBELA). Discontent with the early education curriculum and understanding of human development and neurolo (read more)

20 Under 40: Amy Hlavaty Belcher

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Amy Hlavaty Belcher, 39, owner and artistic director of Abrabesque Academy of Dancing, believes that for those who have been given much, much is expected. “I just try hard to do my best,” she said. I have been blessed with many opportunities and many gift (read more)

20 Under 40: Christopher Hetro

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20 Under 40: C. David Pedri

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20 Under 40: Ed Frable

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20 Under 40: William H. Bender II

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20 Under 40: Angelo Venditti

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20 Under 40: Donald Mammano

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At 20, Donald Mammano began his own company, while attending the University of Scranton. Mammano, now 33, and president of DFM Properties, recalls, as a youngster, holding a flashlight while his father fixed the kitchen sink. “From that point on I was fas (read more)

20 Under 40: William J. Fennie III

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William J. Fennie III, 27, is always knocking on the proverbial door, because he knows one day, one will open. As an investment specialist with Integrated Capital Management (iCM) he cannot take “no” for an answer. “I make cold calls every day to invite f (read more)

20 Under 40: Marcus Magyar

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20 Under 40: Heather Davis

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20 Under 40: Alexandria Duffney

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Alexandria Duffney, 30, is competitive by nature and loves a good challenge. These qualities have led her to her position as associate director of graduate admission at Wilkes University. Here she works with prospective students interested in enrolling in (read more)

20 Under 40: John Culkin

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John Culkin’s tenets inform: “Less haste equal more speed; the same boiling water that softens the potato hardens the egg, it is all about what you are made of, not the circumstances surrounding you; and don’t ask someone to walk a mile in your shoes, bef (read more)

20 Under 40: Conor O'Brien

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“What could be worse than getting to the end of your life and realizing you hadn’t lived it,” mused Conor O’Brien.” As co-founder and executive director of the Scranton Fringe Festival, O’Brien, 25, is responsible for leading the development of the overal (read more)

20 Under 40: Jessica Siegfried

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20 Under 40: David Johns

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20 Under 40: Robyn Jones

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20 Under 40: Nisha Arora

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20 Under 40: Justin Sandy

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20 Under 40: Dr. Ariane Conaboy

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Photo: Jay Yozviak/Photography by JAY, License: N/A, Created: 2016:07:14 22:59:02

Shelp

By Adam D. Shelp

When you’re in your 20s and just starting out in your career, saving for retirement might not be a high priority. It can be hard to save for retirement when you have so many other demands on your money. But getting a head start on saving while you’re young could have a significant impact on your future financial security.

Welcome to the real world

If you’ve just started working at your first real job, you may be earning more money than ever before. But you also could have new expenses, too. If this is your first time living independently from your parents, you’re now the one responsible for paying the rent and utilities, groceries, gas, insurance, and all your other living expenses. Plus, you may be paying off your student loans and saving to buy a new car. Setting aside money for a far off retirement might not seem to be a sensible thing for you to do right now. But this really is the ideal time to save.

Time is on your side

Saving for retirement while you’re in your 20s will give your savings more time to benefit from potential compounding. Compounding happens when the money you set aside for retirement generates investment earnings. Those earnings are added to your plan balance and reinvested. You then have the potential to earn a return on your contributions and your earnings. The longer the compounding process has to repeat itself, the larger your account balance may be at retirement. The money you save now could have 40 or more years to benefit from potential compounding.

Your plan makes it easy to save

Saving for retirement is very convenient with your employer’s plan. You don’t have to make a special trip to the bank or write a check each month. Your plan contributions are automatically deducted from your paycheck each pay period and put into your plan account. Because you don’t receive that money, you aren’t tempted to spend it instead of saving it. Try to increase your contribution whenever you can.

Built-in plan benefits

Your employer’s retirement plan also offers you a number of investment options. These funds or portfolios are professionally managed. You just select the investments that fit your risk tolerance and time frame. As a young investor with many years before you plan to retire, you may want to consider including stock investments* in your portfolio. While the stock market can be volatile in the short term, historically stocks have produced higher long-term returns than the other major asset classes and have stayed ahead of inflation. (Past performance is no guarantee of future results.)

Getting a head start

Making contributions to your retirement plan account while you’re young could have a significant impact on the amount of money you may be able to accumulate by the time you retire.

Age you start making contributions 25 30 35

Monthly contribution $100 $100 $100 Average annual total return 7% 7% 7% Years invested 40 35 30 Account value at age 65 $262,481 $180,105 $121,997 Earnings $214,481 $138,105 $85,997 Contributions $48,000 $42,000 $36,000

This is a hypothetical example used for illustrative purposes only. It is not representative of any investment vehicle. It assumes monthly compounding. Your investment results will be different. Tax-deferred amounts accumulated in the plan are taxable on withdrawal, unless they represent qualified Roth distributions.

* Stock investing involves a high degree of risk. Stock prices fluctuate and investors may lose money.

Contact Adam D. Shelp, CRPC, Kingston Retirement Group of Janney Montgomery Scott LLC

270 Pierce Street, Kingston 18704. Call (570) 283-8140 or visit kingstonretirementgroup.com. Janney Montgomery Scott LLC is a member NYSE, FINRA, SIPC.



Janney Montgomery Scott LLC, its affiliates, and its employees are not in the business of providing tax, regulatory, accounting, or legal advice. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any taxpayer for the purpose of avoiding tax penalties. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. Source: DST Systems, Inc.

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