hr: Money

If as a young adult you find yourself still living with your parents, here are a few simple steps you can take to become independent and have a bright financial future:

• Pay off debts that are keeping you from being independent.
• Invest as heavily as you can for your retirement while your costs of living are low.
• Don’t touch your retirement cash until you’re ready to retire.

If you follow this advice, it will be most certain that you will become self-reliant and will have plenty to retire on at age 60.

However, the sad fact is most Americans nearing retirement (around age 61) are facing a pretty gruesome retirement fate.

That’s why it’s important that you kick your retirement plan into high gear. If you’re young, living at home, and have many years ahead of you, be steadfast with your savings and take advantage of the powers of 401(k)s, IRAs, and compounding interest.

If you’re well into your working years — or even if you’re in your early 60s — the most important thing you can do is develop a game plan. Don’t lament the late start or plan to just work for the rest of your life. Figure out what you have, what you need, and how to get there.