Starting your first 401(k)2 of 7The first milestone is different for everybody. It happens when you get your first job. If your employer offers a 401(k) plan, the advice of financial planners is pretty much unanimous: Take that offer, no matter how young you are and how remote retirement seems to be.Even teenagers who get a regular paycheck can open a Roth IRA. The message from the first retirement milestone is clear. The sooner you get the magic of tax-free compound interest working for you, the better."The earlier you get started, the easier it is, not just to accumulate funds, but because it gives you more time to think about what your retirement will look like," says Tad Fryer, a manager for Charles Schwab in St. Louis. Related Articles:Reverse mortgage basicsDon't tap retirement cashStudy financial plannersRetirement calculatorsRelated Links:7 investment mistakesAt 25 plan for retirement2 threats to retirementPrioritizing savings advertisement
The first milestone is different for everybody. It happens when you get your first job. If your employer offers a 401(k) plan, the advice of financial planners is pretty much unanimous: Take that offer, no matter how young you are and how remote retirement seems to be.
Even teenagers who get a regular paycheck can open a Roth IRA. The message from the first retirement milestone is clear. The sooner you get the magic of tax-free compound interest working for you, the better.
"The earlier you get started, the easier it is, not just to accumulate funds, but because it gives you more time to think about what your retirement will look like," says Tad Fryer, a manager for Charles Schwab in St. Louis.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.