(WIFR) – College graduates might not be able to retire as soon as they are planning to and that could be because of how long it takes to save money for retirement.
Chief Financial Officer of MainStreet Financial Group Herbert Allen explains the best thing for new graduates to do is to start investing in their 401k and get a Roth IRA account. He says that way, graduates can set themselves up for the future. College graduates should plans to work well into their 70s instead of retiring in their 60s like many of their parents.
Allen says, “The question they have is, can I retire? When can I retire? So I think the first thing that I would want to dismiss is this myth and it is a myth, that oh yeah you can retire at 60.”
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