MAKE THE MONEY LAST

OUTLIVING OUR SAVINGS IS THE NO. 1 RETIREMENT CONCERN. THESE ARE SOME WAYS TO OVERCOME THAT.

- DAMIEN MARTIN

Many of us dream of the day we can slow down, kick back, and enjoy the fruits of our labor in retirement. Life, though, never slows down. No matter what stage of our lives and careers we're in, we're always dealing with, well, the things that Imake up life. Buying a house, raising children, paying for their educations, caring for aging parents, etc.

"Life never lets up," KC Boas, head of retirement marketing at BlackRock, told BOSS. "There's always something. You're always juggling more than one priority at a time."

The specific concerns vary across generations, but there's one thing that remains consistent when it comes to preparing for retirement: The big worry people have is outliving their savings. The concerns are valid, especially given that people are living longer than ever. But there are ways to balance the present with the future to ensure a long and comfortable retirement.

PLANTING A TREE

As the adage goes, "The best time to plant a tree was 20 years ago. The second-best time is now."

So it goes with saving for retirement. No matter which stage of life and career you're in, putting what you can aside for retirement is crucial, Boas said. Given that compound interest adds up over time, the earlier the better.

For Millennials and Gen Z, the big financial concern is paying off student debt. Thanks to Secure Act 2.0, employers can treat employees' student debt payments as 401(k) contributions and match them in retirement accounts. They're much more likely to stay with employers who do so, giving organizations a retention incentive to match contributions.