First Time Investor
Whether you identify as a Millennial or Gen X’er the decisions you make today about your financial future will have a profound impact on your quality of life later. Take advantage of one of the most powerful forces we know, the power of compound growth, to let a modest amount of savings transform into an asset that cares for you for the rest of your life. Create a financial plan and use technology to automate your savings and investments. The most important thing you can do is to simply get started!
When contributing to a company 401k, if there is an employer match, consider setting your contribution rate at a level that at least gets you the full match. Don’t leave free money behind.
Consider the ROTH option for 401k contributions if available from your employer or look into opening a ROTH IRA as growth in ROTH accounts can be withdrawn tax free in retirement. This does require you to make contributions in after-tax dollars however.
Try to avoid taking on excessive debt. The faster you can learn to live without a credit card the better. Living within your means and setting a savings plan will enable you to build wealth over the long-run.
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For younger people, retirement seems like a lifetime away. But that shouldn’t keep you from thinking about it now. The great thing is, more younger investors are taking control of their retirement plan. See how you compare!SEE INFOGRAPHIC