20% of Gen Z contribute to retirement accounts; experts recommend Roth 401(k) and IRA options.

A Bank of America survey indicates that only 20% of Gen Z are contributing to retirement accounts. Financial experts recommend Roth accounts for young professionals, as they allow post-tax contributions and tax-free withdrawals in retirement. If available, a Roth 401(k) is advantageous, especially for employer matching contributions. Alternatively, a Roth IRA serves as both a short-term and long-term savings option, with specific income limits for contributions. Seeking financial advice is advised for informed decisions.

September 02, 2024
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