So, who exactly is a “Young Professional”? We look at Young Professionals as being under the age of 30 and employed full-time with a household income of less than $100k. Young Professionals may or may not be married and, for the purposes of this exercise, do not have children. Young parents are their own category which we will visit in a later segment. Young Professionals have the greatest potential to impact their long-term financial goals. Not a week goes by where I don't have someone say “I wish I would have started saving earlier”. With that said, it's never too early to start saving. For example, if a 25-year-old were to start saving $50 per paycheck in an account earning 3% annually, by the time they were 65 there would be just under $100k in it! That isn't a bad option, especially if their employer doesn't offer a retirement plan like a 401(k) or profit-sharing plan.
When it comes to life insurance, industrywide nearly two-thirds of people in this category purchase term life insurance. Term insurance is a great option for people in this category as it gives you the most amount of coverage for the least amount of cost. As you know, the cost of living in Hawaii is high and many people, not just Young Professionals, may not have enough to spend on both life insurance while also saving for retirement. We have solutions in this space as well. We have plans that can provide life insurance now and can also be used later in life to start taking an income from to supplement your retirement.
So, if you're a Young Professional, please feel free to reach out and schedule an appointment for a free review of your life insurance and retirement plans.