According to a recent NYT’s article, the theory goes that today’s 20- or 30-somethings spend with little regard for savings and even less regard for retiring. This demographic is also a prime target age for gig workers who are just starting out on their flexible career paths.
Retirement planning experts say that this assumption isn’t entirely accurate — though it is perennially true that most young adults don’t make retirement savings a financial priority. But, as the experts point out, millennials are in an ideal position to get started, because whatever they set aside will grow and accrue interest greatly over time.
Two main points from the article is that young investors should:
- Take advantage of Roth retirement fund options.
- Should contribute at least as much as an employer is willing to match in a 401(k) or similar program.
Five millenials are interviewed and assessed based on their various stages of career development and savings plans. For the full article go here.