Given that the future of Social Security is increasingly a topic of discussion, there are many who recommend private savings to help finance retirement yourself. Our own Jerry Hubbell recently spoke on this subject to TV 7&4:
Jerry Hubbell with Financial Planning Consultants of Northern Michigan, Inc. based in Elk Rapids says the younger someone starts saving the better.
“We are telling people, especially the younger people in their 20’s and 30’s to start funding a ROTH IRA unless they have a 401K that their employer matches. If they have a 401K they need to contribute to it,” explained Hubbell. “Since we are looking at inflation of future dollars, even if they put in 50 bucks a month as a young person that will make a significant amount when they retire.” UpNorthLive