Retirement Not a Concern to Many Young Workers

Retirement Not a Concern to Many Young Workers


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Chelsea Hedquist reporting Saving for retirement is often the last thing on the minds of people in their 20s and 30s. But retirement planning expert Robert Brokamp says they should start thinking about it.

"Unless you want to work for the rest of your life you have to save for retirement," he says.

Brokamp says all employees should take advantage of 401K plans offered by employers, or should get their own Roth IRA plans, making those tax-deductible contributions each month, even if it means you have to forego something else.

"That part is kind of hard," says Todd Newman, who at 29 years old is already saving for retirement. "But, you know, knowing my debt load is under control and I'm saving for retirement, that gives me comfort on the forgone things now."

Brokamp says most people don't think about saving until they're in their 40s or 50s, and by then it could be too late.

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