Fear of the stock market, an over-reliance on Roth retirement accounts, and savings mistakes are the biggest issues.
We talked to a few financial planners about money mistakes they see millennials making, and some advice on how to change things.
Roth retirement accounts are a useful way to save for retirement, but they might not be the best option for millennials.
Money you put into a Roth account is taxed now, whereas money you put into a 401(k) or traditional IRA is taxed in retirement.
You can request that your employer deposit 30%, for example, into your savings account and the remaining 70% into your checking account.
Persons:
Millennials, Roth, —, TD Ameritrade, Kari Wolfson, Wolfson, Malik S, Lee, Felton, Shala Walker, Stavis, Cohen, Walker
Organizations:
Service, Deloitte, Peel Wealth Management, Smart