Young savers need to invest aggressively  in retirement plans, and should consider market downturns as non-events considering their long time horizons, he said. But he cautioned that they should spend conservatively and ensure that they have a buffer or emergency fund to cover six months of living expense.

He pointed out that many of these young people have student loans, which is an area that financial advisors should be providing guidance. “If you want the early-career people to listen to you, you have to have your ears open to the fact that many of them have student loans and that needs to be addressed in their plans,” Keady said.

“This is a tremendous time for advisors who often work with the parents of these younger people who are just starting out in their career to really lend a helping hand,” he said, adding these young people could eventually become clients.


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