Ask Terry Questions Youth savings

Youth savings

By Terry Savage on April 01, 2024 | Financial Planning / Retirement

Grandson os 16 started working p/t wants to put money away towards retirement. Has to be at his job a year take advantage of there 401k. What would recommend he do in the mean time?

Terry Says

I think he should just open an account at a bank and put some money aside. At this stage, (is he really working at age 16?) he will likely need the money for more immediate things. But as soon as he is eligible for the 40l(k) plan, he should sign up.

And if I missed something in this question, please write back!

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