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Should a 20 year old college student begin saving for retirement now? Yes! No! Heck no,...

Should a 20 year old college student begin saving for retirement now?
  • Yes!
  • No!
  • Heck no, yolo!
  • What's a yolo?

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Answer #1

Yes, a 20-year old should start saving early.

Rationale: The reason why an individual should start saving early is the current economic conditions are subject to vulnerability and uncertainty. Saving early is not just a retirement benefit but also a buffer for bad economic conditions like a pandemic. Starting at 20 years old gives you plenty of options in the future as you have built a nest egg in doing so. The years of financial independence increase when you start that early, hence, a 30-year old should start saving for retirement now.

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