Here's why Gen Z, millennial savers face America's biggest retirement challenge. investinyou (In partnership with acorns.)
, including SEP IRAs or Solo 401s. But workers won't receive any help and will most likely have to navigate these accounts without the expertise offered by some employers.
Sun recommends that entrepreneurs and gig workers open Roth IRAs if they can. "They offer tax advantages but there are alsoHowever, it is important to note that you could face penalties if you withdraw earnings early.Generation X is referred to as the "sandwich generation," caring for their children as well as aging parents. And as medical expenses continue to increase, this generation is feeling the squeeze.
Gen Z faces a similar predicament. Advances in science and technology will prolong the life of their parents, while most will start families at a later stage in lifeSun suggests that families have this discussion now. "Adult-aged children should talk to their parents about how they will care for them in future," she said. Sun also suggests that younger generations ask how much their parents can contribute to raising their children. The most important thing is toFers about the U.S.
"While I don't think it will disappear, distributions will probably shrink. Younger generations can expect some Social Security, but it may be a hybrid of tax relief and income" Sun said. Unsurprisingly, baby boomers are the most confident they will receive some income from Social Security, with
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