Retirement planning should start early. Share your wisdom with your loved ones.
Millennials are at the greatest advantage for retirement saving — they have time on their side, experts say, and their money earns compound interest, which is interest earned on the money they put in as well as the interest that money earns. Granted not all millennials may have the ability to put away as much as Yangchen can, but any contribution counts — even just a few dollars. One mobile investing platform, New York-based robo adviser Stash, suggests investors start with just $5 a month as they become familiar with investing.
When you’re in your 20s, it makes sense to weigh short-term goals more heavily than retirement, said Douglas Boneparth, a financial adviser and president of advisory firm Bone Fide Wealth in New York. That’s not to say you shouldn’t be saving for retirement — you should be putting in at least enough money to meet a company match, since that’s essentially free money, and then prioritize short-term goals, he said.
Read More: Money Milestones: This is how your finances should look in your late 20s | Market Watch| http://on.mktw.net/2pSYL6G