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7/12/2005
A July 11, 2005 article from the Chicago Sun-Times recommends that, along with securing health insurance and starting to repay student loans, new college graduates start thinking about their future retirement. Because most parental health insurance policies stop covering dependent children once they reach the age of 21 or graduate from college, recent graduates waiting to start new jobs should obtain temporary coverage until they are eligible to receive employee benefits. If student loans were borrowed to help finance a college degree, the new graduate's budget will need to allow for those monthly payments. And, even though it may seem very far in the future, financial preparations for retirement should be carefully considered now. It is estimated that a new college graduate who invests $40 per week (which is the equivalent of $2,000 per year) will have $3 million invested by retirement age.
The article is available at the Chicago Sun-Times Web site.
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