Six steps to help teens plan financially for the future

AMONG YOUNG ADULTS ages 13-18 surveyed, 83 percent have thought about their retirement and 78 percent believe they’ll be able to retire comfortably when the time comes. (Photo courtesy of Shutterstock) (Family Features)—For teenagers, retirement may seem like a lifetime away, but it’s never too early to start saving for the future. Because financial habits can be created at a young age, the sooner kids begin to save and learn about investing, the less likely they’ll face worries about money when they eventually stop working. Teens are already thinking about retirement, according to the Achievement Teens & Retirement Survey conducted by Wakefield Research on behalf of Junior Achievement and MissionSquare Retirement’s Foundation. Among young adults ages 13-18 surveyed, 83 percent have thought about their retirement and 78 percent believe they’ll be able to retire comfortably when the time comes. However, only 60 percent view retirement as living on investments and savings after leaving work, believing instead retirement could mean taking extended time off for travel, study, illness or taking care of family matters. “This research shows retirement is more top-of-mind for teens than one might think,” said Tim Greinert, president of Junior Achievement USA. “While young people have given retirement...