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Being Young and Your 401K Tell a Friend

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Even though you can afford to borrow from your 401K at a young age, you should really make sure that you put the money back as soon as possible. No, it’s not about teaching a good lesson or two about saving money, or financial responsibility, but the reality is that even us youngsters are going to be older some day. Thus, when we get older, we are going to need money to retire on, and with the current economic situation not looking so great for the younger generations, now is a better time than ever to focus on reinvesting or starting to invest in your 401K.

Regardless of who you decide to blame it on, and who you decide to hold accountable for the current financial shabbiness of the economy, you must remember that if you’re a younger person in your late teens to twenties, that now is a crucial and critical time to start saving up your dough and thinking ahead towards the future. I remember hearing a speech in which a young man stated that many young people may not be able to retire until they’re in their 90’s or they may not be able to retire at all.

This type of thinking or logic may seem extreme or totally untrue, but it is in fact accurate based upon the current changes within social security, and other funds that may not be there, when we younger folk get older. Still, there are options, and that’s why I’m bringing up the 401K. Your 401K can be your golden ticket to retirement, as long as you invest in it frequently, and wisely. The account itself is designed so that you should avoid touching it until you are 65 years of age. When you hit 65, depending upon how you decided to save money, and invest in your 401K that will determine your retirement. Thus, you should continue to deposit wisely into your 401K, and save for the future as much as you can.

Your 401K is not just there to look pretty or collect dust so don’t let it be forgotten. Your 401K is a great way to save up for retirement, and it can truly be beneficial down the road when you reach your golden years. Also, your 401K may be all you have in order to enjoy those golden years, so save now, invest in your 401K, and you should be able to retire long before you 90’s.

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