Page 12 - aruba-today-20220727

A12 BUSINESS
Wednesday 27 July 2022
Millennial Money: Can job-hopping

help retirement savings?

ular company,” Butler says.
“Sometimes, with compa-
nies that match contribu-
tions for 401(k) plans, they
may ask you to contribute
up to two, three, even four
years before the company
match is fully vested.”
Butler also suggests hang-
ing around long enough to
get any potential bonuses,
which are often distributed
during the first quarter of
the year.q
Commuters pass through Grand Central Terminal on March 10,
2020 in New York.
Associated Press

By ELIZABETH AYOOLA job that paid me $45,000
NerdWallet and offered more benefits.
Millennials have been Since I was no longer living Marriott Aruba Surf Club
coined the “job-hopping paycheck to paycheck PLATINUM SEASON
generation,” and I’ve con- and finally had a 401(k) 2 Bed Oceanfront $26,000
tributed to that stereotype. plan, I could start saving for 2 Bed Oceanside $18,500
2 Bed Ocean view $16,500
I started my career at 22 retirement. Changing jobs 2 Bed Garden view $14,500
and have job-hopped al- for a significant increase in 3 Bed Ocean view $28,000
most every year since. For income could potentially WK 51 Ocean view $52,000
many of those years, I was help your retirement sav- WK 52 Ocean View $55,000
young and restless, and ings, but it requires you to WK 7 and 14 - all views
there was another part of actually put some of that GOLD SEASON
me looking for more fulfill- increased income toward 2 Bed Oceanfront $14,000
ing work and pay that re- your retirement savings. 2 Bed Oceanside $12,000
2 Bed Ocean view $8,000
flected what I was worth. What is the benchmark for 2 Bed Garden view $6,000
In some ways, changing a “significant” increase in 3 Bed Ocean view $13,000
jobs set back my retire- income? Aim for a 10% in-
ment savings. There are crease, says Mary Beth Stor- Marriott Aruba Ocean Club
things I wish I’d learned johann, a certified financial PLATINUM SEASON
earlier, like how to start re- planner and co-CEO of 2 Bed Oceanfront $32,000
tirement planning, the im- Abacus Wealth Partners in 2 Bed Ocean view $19,750
portance of developing Santa Monica, California. 1 Bed ocean front $16,500
1 Bed ocean View $12,000
high-demand skills, and the If a new job offer comes GOLD SEASON
art of negotiating benefits. in below that, Storjohann 2 Bed Oceanfront $14,000
But it has also helped me recommends running the 2 Bed Ocean view $11,500
improve my earnings. numbers to see how much 1 Bed oceanfront $9,000
Once “lifestyle creep” your take-home pay ac- 1 Bed ocean View $6,500

when your income increas- tually improves when you
es and your spending hab- factor in taxes and other ** Destination Points $6.00 per
point
its do, too stopped getting living expenses.
the best of me, earning NO — IF COMPANY MATCH- La Cabana Beach Resort
more meant I could save ES AND EQUITY HAVEN’T 1 Bed wk 51 $6,500
more for retirement. FULLY VESTED
Here are a few scenarios If you’re going to job-hop,
where job-hopping can you don’t want to leave
help your retirement sav- free money on the table, Other weeks are also available.
ings, and where it may hurt. as that could hurt your re- We are the #1
YES IF YOU’RE IMPROVING tirement savings, says Jerel Rental Timeshare
EARNING POTENTIAL Butler, a CFP and CEO of agent for Aruba!
In one of my earliest writ- Millennial Financial Solu-
ing jobs, I earned about tions based in New Or- We also RENT Aruba weeks for
$25,000 per year. As much leans. Before throwing up owners, Contact us to BUY,
SELL or RENT any timeshare
as I enjoyed writing, I knew the deuces sign, consider property.
I was underpaid and over- getting your full retirement
worked. My next move was plan match, restricted Contact:
looking for ways to earn stock units or other compa- michelle@conciergerealty.com
more as a writer, and that’s ny equity if your employer 888-888-2204 Ext 104
when I realized I had to offers it.
develop new skills, such as “Typically, companies Website:
optimizing my writing so it have a dedicated vesting www.conciergerealty.com
would be visible in search schedule for the employ- Broker: Michelle Donato
engines like Google. With- ees as an incentive to con- www.facebook.com/groups/MarriottArubaSurf/
www.facebook.com/groups/MarriottAruba/Ocean
in a year, I started a new tinue working at that partic-