Does it surprise you that Millennials are scared of retirement? They’ve survived the Great Recession AND a once-in-a-lifetime pandemic. However, they’re in debt.
In addition, traditional paths to wealth, like homeownership, are harder to come by.
Plus, employers don’t offer pensions or quality retirement plans. Social Security might not be around.
Here are the nine strategies millennials can use to prep for retirement.
Here’s what the article says:
“Anyone with an income, including a spouse with an income, can open an Individual Retirement Account (IRA). Generally, contributions are made after taxes are deducted. But if you have an employer retirement account, you may be able to deduct contributions now, possibly reducing your tax bill.
In 2023, after two years of remaining at $6,000, the IRA contribution limit and catch-up contributions will rise to $6,500 ($7,500 if 50+). After that, however, your retirement savings grow tax-free, and your income taxes are only due when you withdraw them.
You have to pay a 10-percent penalty plus ordinary income taxes on withdrawals made before age 59 ½ — just as you would with 401(k) or 403(b) accounts. Some exceptions apply, such as payments for qualified college expenses or home purchases.”
Read the full story here.
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