5 retirement savings ideas for young people

New job brings income, more expenses
3 of 7
New job brings income, more expenses

Once you've landed your first job, you may need to move, buy some new clothes for work and reorganize your finances. One key aspect of moving into this new phase of life is budgeting, Corn says.

"Every young person needs a budget," he says. "You need to understand what's coming in, net of taxes each month, and what's going out to pay your benefits. Then you have rent, utilities and all the other expenses, like student loan payments."

You can use free budget software at websites such as to help you track your income and expenses and set goals. "Your first expense should be to pay yourself, especially to establish an emergency fund in case you lose your job," he says. "You can also save for short- or intermediate-term goals like a new car."

Retirement planning should also be a priority.




Show Bankrate's community sharing policy
          Connect with us

Be An IRA Expert

Lessen the retirement tax bite

Worried about retirement income? Follow these 5 strategies to lessen tax liability.


Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.


Jennie Phipps

Feds fight to thwart ID thieves

The IRS, Federal Trade Commission and Social Security Administration are taking steps to protect consumers from identity theft.  ... Read more

Partner Center

Connect with us