Never too early to start a retirement plan

The 10 personal finance tips range from the obvious (participate in 401(k) plans and purchase insurance) to the "eat your spinach" variety (pay down debt). Specifically, MetLife advises:

1. Look at your paycheck: Calculate exactly how much you take home every month after taxes and deductions.
2. Create a budget: Once you know your monthly income, set a budget. Separate your "needs" from "wants" and live within your means.
3. Know the "28/36 rule": Allocate approximately 28 percent of your monthly budget on housing (rent, mortgage) and keep total debt costs (student loans, credit card payments, etc.) within 36 percent of monthly income.
4. Save at least $50 a week for the unexpected: Put this money in an account that's strictly for emergencies.
5. Become a millionaire by age 65: Start saving and investing as early as possible. As a younger person, time is on your side and even the smallest money moves are beneficial due to the power of compounding.
6. Sign up for your employer's 401(K) or 403(b) plan and get the match: If you have the opportunity to invest in a 401(k) or 403(b) plan through your employer, do so. Even small amounts of money invested in your 20s can grow into significant amounts.
7. Start a Roth IRA and contribute: If you are able to save more, there are many advantages to opening this kind of account, such as accessing money without penalty before retirement.
8. Get insured: Protect yourself in the case an unforeseen circumstance occurs. The general rule of thumb is to secure 10 times your salary in life insurance and 65 percent to 85 percent of your net pay in long-term disability insurance.
9. Aim for 760 or higher: This is the credit score you need to qualify for the best interest rates on a new home or a car. Paying bills on time and paying down debt will help you maintain a strong credit score.
10. Develop distinct savings goals: Whether it's a short-term goal (vacation) or more long term in nature (retirement or a new home), determine how much you need to reach it and create a savings timeline to get there.

See also:

• How (and why) to bring better retirement planning to the worksite
• What Millennials want from agents
• Close to 70% of Millennials have no retirement plan