Yes, that is our very own Stephanie Cooper interviewed in Sunday’s Sun-Sentinel!
Personal finance reporter Donna Gehrke-White spoke to Stephanie to get a first-hand view of the challenges facing the “under 35” crowd in saving for retirement in South Florida.
Savers in Florida have on average about 20% less than the rest of the country in their 401(k) accounts, according to Fidelity Investments.
Salaries here are lower than in the rest of the country, and the high cost of living in South Florida, relative to pay, is also a factor.
To make it worse, “living costs in South Florida have been rising faster than the national average,” says author Gehrke-White.
Stephanie reported that many friends her age don’t contribute to a 401(k) account. Many are still paying off college debt.
“A lot of my friends think I’m crazy for saving for retirement,” Cooper said. “They don’t realize the impact of starting early.”
From working with clients and understanding retirement planning, we know that people should contribute to a 401(k) account even if their employers don’t.
Both Stephanie and Rachael Grattan, Senior Client Services Associate, are building expertise in personal finance issues by working directly with clients as they complete the rigorous Certified Financial Planner (CFP®) coursework.
They understand first-hand the financial challenges and concerns of our younger clients – those under age 35 – and specialize in working with Next Generation investors to develop a personalized savings and investment program.