David Giertz has advice as for millennials as they start thinking about saving for retirement. He suggests that can be as early as 22 for some, but preparation is the key. If millennials are well prepared they can see a huge difference in their retirement when they are older.
Stay on Track Financially
It is important for millennials to balance savings and debt when they evaluate their income and what to spend their money on. David Giertz is suggest that saving early is the best way to go. He also advises to get rid of debt as soon as possible so that there is more to save for the future. The earlier a millennial gets out of debt and saves the better the retirement will be when they are older.
Take Advantage of a Roth IRA
A Roth IRA is not taxed at retirement because it is deposited after income is taxed. This allows for one to collect all of the money owed to them as well as compound interest year after year until retirement.
Make Money on the Side
Starting something one is passionate about such as a small business, a hobby that makes money, or a new skill set that can earn an extra income is a smart way to save for the future. If it is something that someone likes to do and an they can gain an income doing it, then retirement is just that much more successful.
David Giertz is is a financial services advisor with over 30 years of experience. He is a business coach and has served on many boards within his community.