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Retirement Planning for the Bommerang Generation- Infographic

Recently, our friends at Milliman Employee Benefits created an infographic on retirement planning for the millennial generation.

Millennial’s parents were from the “boomer” generation and because so many of the millennial generation  are returning to live with their parents they have gotten the nickname the “boomerang” generation. Of course, if you are living in your parent’s basement, retirement planning may be the last thing on your mind but as the economy improves and you get established you should certainly be planning to set some money aside for retirement. As we have said many times, the key elements to successful retirement planning are time, consistency and rate of return.

So the sooner you start the more time you will have for your money to grow. The next key of course is consistency which means that you need to have some money taken out of every paycheck. When you are first starting it is OK if the amount is small, the key is to get started and then increase your investment with every paycheck. After all, before the raise you were living on that amount so if you take half your raise and add it to your retirement fund you won’t  miss it!

The final factor in growing your retirement fund is the rate of return. Currently, with interest rates low it is difficult to get a high rate of return from fixed income investments like bank accounts, CD’s, and even bonds.

So you should have a significant portion of your retirement funds in a diversified portfolio of stocks. Over the long term stocks should do well even if they have a few set-backs along the way. ~ Tim McMahon, editor.

Milliman Infographic: The Boomerang Generation’s Retirement Planning –

The Millennial generation has gotten a bad rap concerning their retirement planning habits – or lack thereof. Fortunately, there are several steps Millennials can take to secure a better retirement. The infographic below features 12 tips Millennials should consider when developing their retirement strategy. The tips are taken from Jinnie Olson’s article “Retirement planning: 12 practical tips for Millennials.” The infographic also highlights some of the generation’s retirement planning behaviors. –

Bomerang InvestingClick for Larger Image
The keys covered by Jinnie Olson are:
1. If your employer offers a plan, get to know it.
2. No one else is going to fund your retirement…contribute, contribute, contribute.
3. Consider Roth.
4. Increase your deferral percentage every time you receive a raise.
5. Establish an IRA.
6. Take the free money!
7. Consider your own risk tolerance and take into account the amount of time you have until retirement.
8. Know when the money will be yours.
9. Don’t treat your 401(k) like a glorified savings account
10. Even if your plan allows them, avoid taking loans against your account.
11. Move your accounts with you.
12. Most importantly—budget and live within your means.
This infographic was created by Milliman and has been reprinted by permission.
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