Never Too Late: Why Millennials Need to Look Closely at Retirement Planning

Never Too Late: Why Millennials Need to Look Closely at Retirement Planning

April 05, 2022

Harsh but true: 

It might seem far in the future, but your retirement years can last for decades. Yes, decades. 

According to a 2021 article from Experian, the average retirement age is 62. A similar article from 2018 by the Motley Fool presents similar data, with those surveyed beginning to collect retirement benefits at age 62. The average length of retirement? Over 18 years

As medical advancements continue to increase the length and quality of life, you can expect to see the average retirement length increase.

And in those decades, so many people discover too late that social security, qualified plans, and IRAs won’t quite cover their vision of retirement. 

The difference between these income streams and what it takes to pay for your desired lifestyle is called the retirement gap. When it comes to retirement planning, it’s best to start early, but it’s never too late (even if you’re a millennial!). 

Here are some strategic ways to get ready for retirement today: 


IRAs, or Individual Retirement Accounts, are easy to set up and maintain, and they offer tax incentives. Individuals can set them up, or employers may provide them.

IRAs are often used to consolidate retirement funds from previous employer-sponsored plans. As of 2020, it is believed that 37% of US households contribute to some sort of IRA, with 80% of those accounts being employer-sponsored.

We can help you coordinate between your IRA investments and other savings plans.

Qualified Plans:

Qualified plans benefit both the employee and the employer. The “qualified” part means it qualifies for special treatment under the tax code.

Generally, employers can deduct their contributions, and employees are only taxed upon withdrawal. Often, employers match their employees’ contributions. These plans (like the 401(k), which is used by over 60 million Americans) are popular despite contribution limits and rules about distribution.


You save and save and save, but what’s the plan when it’s time to reap the benefits of all that hard work? A smart distribution plan seeks to minimize tax loss and ensure that your retirement funds outlast you. No retirement plan is complete without one!

It all starts with a thorough analysis of your current finances, followed by an accumulation strategy designed to support your vision for your retirement.

Our strategies can help you maximize growth and tax efficiency, and plan for wealth transfers to the next generation.

Reach out to us to get started!


  1. Experian - “What is the Average Retirement Age?”
  2. The Motley Fool - “Here’s The Average Length of Retirement.”
  3. ICI Research - The Role of IRAs in US Households’ Saving for Retirement, 2020
  4. CNBC - “How 401(k) accounts killed pensions to become one of the most popular retirement plans for U.S. workers.”