How millennials can save for retirement by 61

By July 18, 2018

Throughout the country, millennials have high hopes that they will one day be able to retire and live comfortably. According to recent figures, the day they can officially kick back and relax, many hope, will be on their 61st birthday.

The survey, which was conducted by, asked millennials (classified as Americans ages 18 to 37) what the perfect time to retire would be, to which they responded by 61 years old.

“Early retirement is something that seems very appealing,” analyst Amanda Dixon tells CNBC Make It.

However, as wonderful as this plan sounds, for many, it is lacking one crucial thing: good financial planning. In fact, roughly two-thirds of millennials have nothing saved so far, according to a February report by the National Institute on Retirement Security.

Evidently, if millennials across the country want to retire by 61, they will need to implement some changes to their financial habits. To get an idea of what millennials can do to financially prepare themselves for the future we spoke with Jeff VanNote, the founder of The Mortgage Quarterback, and author of The Mortgage Playbook for Millennials. His entrepreneurial history has demonstrated a very calculated approach when dealing with finance which has allowed him to achieve a positive ROI on numerous investments from homes to cryptocurrencies.

These are his key take-home points to help you save for a better retirement.

1) Don’t take unnecessary risk
2) Live within your means
3) Know and understand your budget
4) Track every penny spent
5) Don’t get involved in a get rich quick scheme, they don’t exist
6) Have two life insurance policies that accumulate cash value, this is a great way to save
7) Buy your first property as early on as you can
8) Definitely keep money in a checking account for a rainy day
9) Get a trustworthy financial advisor that is on the same page as you are
10) Try and buy at least one multifamily investment property
11) Own some cryptocurrency, money that you wouldn’t mind losing if it came down to it, only the big names, bitcoin, Ethereum, ripple, lite coin
12) Don’t lend friends or anyone money
13) Sacrifice the expensive cars and vacations and limit the money spent on them
14) Review your savings and investments monthly
By applying these techniques it is possible for a millennial to gain a better financial portfolio, improving their chances of retiring on their 61st birthday.