While baby boomers are juggling to save money for retirement and put their children through college, many college-aged students have not learned a lesson from their elders. Financial planners suggest people start saving as soon as possible – even in small amounts. But some college students feel they do not have any income to spare. Jeanette Tucker, human ecology professor, is a registered financial gerontologist and has studied financial planning for retirement. Tucker said many of the millennial generation will need to supplement their retirement savings and Social Security benefits with money from continued employment.   Tucker said students should not count on receiving benefits from the social security system. Social Security is a hot topic for presidential candidates. While President Bush has pushed to save and reform the system during his term, many are still skeptical about whether changes are adequate. “It will exist in some form. I don’t think the pay-out will be as great as it is now,” Tucker said. Caitlynn Aguillard, undeclared freshman, said she has not thought about saving for retirement, although her father is a financial planner.
Aguillard said it won’t be difficult to start saving because she will graduate without debt.  
Josh Howard, mass communication junior, wishes he could say the same. Although Howard made it through three years of college without acquiring debt, he said he will need a student loan to finish his last semester.  
“I would love to be able to [start saving for retirement], but in reality, it probably won’t happen,” Howard said. 
Howard said he will not have any extra money to save during the next few years.
Tucker said students can cut out unnecessary expenses by living a conservative lifestyle and not spending in excess on the weekend. He said most unnecessary spending is on the four Fs: food, friends, fashion and fun.
She said students should still have fun, but they should do so in moderation.
“Small dollar amounts that are invested in the early years can grow significantly over time, so that you’ll have a really healthy nest egg for retirement,” Tucker said.
Tucker provided an example of someone who saves $2,000 each year from ages 18 to 27. In long-term savings, vehicles such as stocks, bonds and mutual funds with a 7 percent average annual rate of return, the savings would reach $361,418 by the time that person was 65.
In contrast, someone who invests $70,000 from ages 31 to 65 would retire with only $267,474.
Tucker said an average return rate of seven percent is conservative, and some investments have higher growth rates.
Tucker said while most 18-year-olds cannot save $2,000 per year, saving money right after college can yield much higher savings.
“Money compounds over time so the earlier you invest, the greater your yield will be,” Tucker said.
Ryan Al-Marhoun, chemical engineering freshman, said he hopes his future employer will offer a retirement saving plan. 
Many companies offer a match plan for employees, an agreement to match all or a portion of the percentage of income the employee invests in a retirement savings account.
Tucker suggests taking full advantage of these plans.
Al-Marhoun also plans to invest some of his savings in stocks. Al-Marhoun said he will not have trouble saving because he is “not a big spender.” 
Tucker suggests investing in small companies rather than larger companies.
—-Contact Emily Holden at [email protected].