David Giertz shares with the Reporter Expert 3 ways in which Millennials can smartly save for retirement. Typically by age 22, millennials are already starting to save for retirement. Giertz shares tips to maximize the benefits and methods of saving for retirement, stating that many millennial are not properly informed when preparing for the future.
David Giertz first recommends each person extensively evaluates their financial situation. While continuing to save, Giertz advises to prioritize paying off any debt as fast as possible. Paying off all debt including loans, credit cards, and tuition as fast as possible is a key component in saving for retirement.
Giertz suggests taking advantage of compound interest through an A ROTH IRA. An A ROTH IRA has saved money taxed before a deposit is made, and can be accessed tax free upon retirement. So it’s already paid for, contrary to a 401(k). The earlier money is saved, the more compound interest can be build as more money is added throughout your life upon promotions, bonuses, etc.
Lastly, Giertz recommends that one of the best ways to save money for retirement is to create a second source of income through a side business and/or hobby. All efforts made towards saving for retirement is drone through a leisurely activity.
David Giertz has 30 years worth of leading within the financial industry amongst prestigious institutions. Beginning as a Financial Services Advisor, Giertz has progressed to Executive Vice President of Sales at Citigroup and most recently served as President of Nationwide Financial’s sale and distribution organization where he profited upwards of $6 Billion of Revenue for the company. Through WABC he is a Certified Business Coach and served on numerous boards. To visit his professional website, click here.