Of all generational cohorts, older millennials are most likely to generate enough income to retire comfortably, according to the latest Vanguard Retirement Readiness report.

Specifically, millennials aged 37-41 have the greatest chance of landing a comfortable retirement.

  • AA5B@lemmy.world
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    1 year ago

    Please revisit. That’s usually a bad idea. Yes, aggressive investments can lose money in short terms like one year or less - actually there was a long term piece of advice to not invest in stocks any money you need for the next five years. However prudent investments, like an SP500 index fund , have always increased in value in like ten year periods, and over some similar period have always beaten inflation

    There’s a lot to learn about investments, but

    • it’s your only realistic path to fund retirement
    • the magic of compounding is your best friend
    • 401k contributions and returns are tax deferred until retirement
    • many 401ks have additional corporate contributions - free money

    401k’s can be VERY useful to most of us over the long term, so you should reconsider whether it’s good for your situation too

    • BarrelAgedBoredom@lemm.ee
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      1 year ago

      If I had the funds to invest, I would probably have a Roth IRA or something simple but the hard times never let up. I work 60 hour weeks and still live paycheck to paycheck. I’ve only earned enough in the last couple of months for me to get health insurance again. I can’t afford to give even 3% of my paycheck away (the minimum for my company to begin matching) at the moment and that’s not likely to change in the next year or two.

      I really do appreciate the concern and if I were in a different place, I’d reconsider. I was being a bit bitter and sarcastic in my comment but I’m in no.position to save any money