NEW YORK (AP) — With graduation season over, many college grads are embarking on summer internships or their first full-time jobs. Navigating your finances when you start adult life can be challenging, from understanding your health insurance and benefits to managing a budget. is often the first hurdle, so if you’ve accomplished that, take a moment to be proud of yourself.
“Once you do get that first job, pat yourself on the back,” said Nick Holeman, director of financial planning for Betterment, a financial advisory company. Then it’s time to think about your financial future. With and , it’s more important than ever for recent graduates to start their adult lives on the right financial track.
Here are recommendations from experts about how to do that: Pay attention to onboarding instructions Getting your first job is exciting, but the onboarding process can feel overwhelming. When you start a new job, most companies offer guidance about benefits such as your 401(k) and health insurance. It’s a lot of information, but it’s important not to ignore it, Holeman said.
One key thing to focus on is your employer-sponsored retirement plan. While many companies you, Holeman recommends you save more than the typical 2% to 3%. Automatic enrollment allows your employer to take a set amount from your paycheck to allocate to a retirement investment account.
You can choose to opt out or increase the amount you contribute. “Because you’re automatically enrolled doesn’.
