Best Retirement Planning For  Young Adults

Open an IRA Now

If you’ve started earning, whether through a business or a job, start saving in an IRA.

1

Understand IRA  Types

Different IRAs give you different benefits, so open one that matches your needs.

2

Compare the Tax Benefits

Traditional IRAs allow you to make pre-tax contributions, so you only pay taxes when you make a withdrawal. On the other hand, Roth IRAs are funded with post-tax money, but withdrawals are tax-free.

3

Check for Employer  Plans

If your employer offers a 401k plan for employees and you meet the eligibility criteria, join it.

4

Automate Your  Savings

Make saving a habit instead of a luxury, and take temptation out of the picture.

5

Retirement Planning For Young Adults

Contribute More  Every Year

If you can’t max out your IRA contributions right away, at least put in the maximum amount you can.

6

Pay Off Your Debt

Start with the most expensive debt first, and refinance whatever you can with lower-interest vehicles.

7

Start Investing

Returns on investments will account for a larger chunk of retirement income than your retirement savings and interest alone.

8

Rollover Your 401k

When you change jobs, rollover your 401k money into your new employer’s plan or an IRA.

9

Educate Yourself

Stay up-to-date with the latest rules, regulations and opportunities, so you can make smart decisions for your future.

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