Perspective: How quickly should new graduates start saving for retirement?
What's the best financial advice for new college graduates? By Michelle Singletary Michelle Singletary Personal finance columnist Email Bio Follow Columnist May 23 at 4:41 PM Young adults have at least one thing working in their financial favor: time.
Another challenge in persuading millennials and the group that follows them -- Generation Z -- to save is “FOMO,” or the fear of missing out. They want to live life to the fullest while they’re still young.[Robert Smith will pay Morehouse graduates’ student loans. Will there be a tax bill to pay?] Spencer Betts, a certified financial planner based in Lexington, Mass., chimed in: “The 403 has the advantage of long-term tax deferral. The other advantage of the 403 is the money is [automatically] taken out of your daughter’s paycheck and deposited into the 403 every pay period.”
Neal Van Zutphen, a CFP based in Tempe, Ariz., responded: “Saving monies outside of the employer-sponsored plan is great for building emergency funds but does not necessarily have the same tax benefits and long-term funding benefits of an IRA or Roth IRA or 403.”
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