6 Key Signs for Millennials That Your Retirement Is On Track

As a millennial, you’re not among the youngest generation anymore. And that means your retirement planning should be farther along than that of a young adult’s — you’re at a time in life where you need to know things are on track.

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GOBankingRates spoke with Shirley Mueller, founder of VA Loans Texas, and David Milo, financial advisor and owner of Independent Lending, to discuss the signs you’ve made the right choices with all things retirement.

Here’s what millennials can use as an indicator to tout themselves being on the right track.

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“As someone who has worked with millennials navigating both financial planning and homeownership, I often remind clients that the first step in evaluating whether they’re on track for retirement is to get a clear picture of their current savings and goals,” said Mueller. “Retirement isn’t just about hitting a specific dollar amount, it’s about aligning your financial plan with the life you envision in the future.”

For many millennials, she said this includes homeownership, which can act as both a stable living arrangement and a valuable asset in retirement.

“Start by calculating how much you’re saving annually and compare it to your anticipated retirement needs.”

Tools like retirement calculators can be helpful, but she advised working with a trusted advisor to provide deeper insight into whether your strategy aligns with your lifestyle goals.

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According to Mueller, for millennials, investing in a home early on can be a critical piece of their retirement strategy.

“A home doesn’t just offer stability, it’s also a long-term asset that often appreciates over time,” she said.

She noted that paying off a mortgage before retirement can significantly reduce your cost of living later in life, freeing up funds for travel, healthcare or other goals.

“I’ve seen clients in their 30s who prioritize buying a home and see how that equity builds into their financial security.”

If you’re not already a homeowner, she said to consider exploring first-time homebuyer programs or leveraging VA loans if you qualify.

“These opportunities can make entering the housing market more accessible, providing a foundation for long-term wealth.”

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