#retirement #retirementplanning #yahoofinance #tiffanyaliche #finance
According to a Fidelity study, on average Americans have saved only 78% of the amount they need for retirement. Personal finance educator and Made Whole author Tiffany Aliche joins Wealth! to discuss strategies for young people beginning to think about retirement and levers Americans can pull before maxing out a 401K.
Aliche doesn’t always advise her clients to max out their 401K accounts: she signals that the $23,000 max for 2024 is an amount many Americans don’t have, and suggests saving for health insurance or paying off high-interest debt instead. "The 401K is not the end all be all when it comes to retirement accounts with tax advantages," she adds.
If you are in your twenties, Aliche’s advice is simple: "Start now." The more young people make, the more they should start to put aside, she says. Aliche also states that the younger years are the perfect time to ask for advice — for instance, talking to an advisor attached to an employer 401K plan.
For more expert insight and the latest market action, click here to watch this full episode of Wealth!
Editor’s note: This article was written by Gabriel Roy
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