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1. Save 10 percent of your income for retirement. This might have been true for baby boomers as they came of working age, but millennials and younger workers should realistically be saving about 20 percent for retirement. Life spans are longer, and there's a chance Social Security will not be what it is today 30 years from now.
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4. Close unused credit cards. Closing old credit card accounts can actually hurt your credit score. Paying off your old cards in full and hanging onto them can boost your credit score. Some companies might close out your account for you if you never use them, however, so dust off that old Capital One card every now and then.
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7. A financial planner is a necessity. If you have modest assets and have a plan to save the right way for retirement, don't hire someone to tell you what you already know. If you do need a one, Business Insider suggests fee-based financial planners, who charge a flat fee rather than receive a commission and are often more reputable.
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