You’ll want to share this! Here’s how your loved ones can start planning for retirement as early as their 20’s.
There is no specific age when people start preparing for retirement. But the fact is, the sooner you create an investment strategy the better. If you get started in your 20s, you can take advantage of the most powerful mathematical force known to man: compound interest.
Ty J. Young Wealth Management is a top financial planning firm in Atlanta dedicated to providing tools to build a strong foundation for financial health. Thinking about life’s financial success early means you’re way ahead of the game, yet right on time. Below, we will talk about our number one recommendation we make to those that are financially eager.
Or watch Ty J. Young take you through his thought process here.
The Importance of Starting Early
Prioritizing the end of your career isn’t as difficult as it may seem. Your 20’s may not consist of a mortgage or other large financial responsibilities, yet. Therefore, saving is a bit easier. The opportunity to save is right at your fingertips and you should take advantage of it.
Here are three things to remember when beginning financial investing.
- Saving doesn’t have to be large for financial health in the future.
- Every dollar you save in your twenties could be worth exponentially more later in life!
- MOST IMPORTANTLY: Every dollar you save now could equate to seven dollars down the line.
Now is the time to get started on creating an investment strategy. If you begin saving today, our financial strategists suggest choosing carefully, so you’ll experience the most efficient journey to a successful retirement.
What Is The Most Efficient Journey to Late Life Success?
We recommend selecting a tax-efficient path that gives your assets the best structure to succeed. Our Atlanta Financial Advisors are prepared to curate a financial strategy so that you’re positioned for a positive impact.
There are three types of tax treatments; taxable, tax-deferred, and tax-free. The best choice is tax-free. If you have access to Roth IRA’s or 401K’s, take advantage of them.
- Roth IRA: You can place money in a retirement fund no matter where you work, and a Roth IRA could come in handy. This selection is a way to avoid paying taxes on your future financial earnings. That’s why we suggest you strongly consider this option.
- 401K: Are you eligible for a 401K at work? Sign-up. 401K’s allow your savings to grow tax-free until you withdraw your retirement. Plus, employers often match a portion of your contribution, so that’s an instant return on your money.
Building the right foundation and wealth for your future is best when it’s tax-efficient and maximizes your opportunity for growth.
Our Atlanta Financial Advisors design accounts for our clients to get a good rate of return through tax-smart strategies. You have already taken the steps to learn why it’s important to capitalize on creating investment strategies while you’re young. Now, let’s go further.
Want to learn more on how to be efficient when planning for future financial success? Speak with one of our Financial Advisors today, call (877) 912-1919.