{"id":740,"date":"2023-08-17T15:37:43","date_gmt":"2023-08-17T15:37:43","guid":{"rendered":"https:\/\/www.heyerinc.com\/blog\/?p=740"},"modified":"2023-08-17T15:37:43","modified_gmt":"2023-08-17T15:37:43","slug":"a-very-smart-money-step-for-gen-z","status":"publish","type":"post","link":"https:\/\/www.heyerinc.com\/blog\/2023\/08\/17\/a-very-smart-money-step-for-gen-z\/","title":{"rendered":"A Very Smart Money Step for Gen Z"},"content":{"rendered":"<p>If you are in your first &#8220;real&#8221; job and starting to make decent money, odds are that you&#8217;re focused on enjoying your life, your friends, and your new freedom. You probably don&#8217;t think about an event that&#8217;s 40 or 50 years down the road &#8212; your retirement. Yet strangely, now is probably the best time to start laying the financial groundwork for the time you&#8217;ll leave the workforce.<\/p>\n<p>Here&#8217;s why you should jump at any opportunity to sign up for a retirement savings plan at work as soon as you can.<\/p>\n<ul>\n<li><strong>You&#8217;ll be in control.<\/strong>\u00a0When you enroll in your employer&#8217;s plan, you choose how much to contribute and where you want your contributions invested (from a menu of investment options). You won&#8217;t be locked in to your choices &#8212; you&#8217;ll be able to change them if you want to.<\/li>\n<li><strong>You are young, and that&#8217;s an advantage.<\/strong>\u00a0As investment earnings are reinvested along with your plan contributions, you&#8217;ll have a bigger pool of money invested for potential growth. The longer your money is invested, the more you may benefit. So starting early is very smart.<\/li>\n<li><strong>You&#8217;ll get tax benefits.<\/strong>\u00a0Every dollar you contribute to your plan account on a pretax basis really costs you less than a dollar in take-home pay. Here&#8217;s how it works: Your contributions are subtracted from your pay before federal (and often state) income taxes are calculated. That means you pay tax on a lower amount of income. You contribute more to your plan account than you give up in spendable pay. The earnings on your plan investments are also tax deferred. You won&#8217;t pay income taxes on pretax contributions or plan earnings until the money is distributed to you. These tax breaks can make it easier to build your savings.<\/li>\n<li><strong>You&#8217;ll enjoy a more secure financial future.\u00a0<\/strong>The money you set aside in your retirement plan account will be your money no matter what &#8212; yours to spend as you choose when you exit the working world.<\/li>\n<\/ul>\n<p>Sure, looking so far into the future can be a little strange and may be intimidating. But given increasing life spans, uncertainty surrounding the future of Social Security, and the always looming possibility of inflation making everything more expensive, it&#8217;s smart to do a little planning now to help ensure your future financial security. For help with your planning, talk to a financial professional.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you are in your first &#8220;real&#8221; job and starting to make decent money, odds are that you&#8217;re focused on enjoying your life, your friends, and your new freedom. You probably don&#8217;t think about an event that&#8217;s 40 or 50 years down the road &#8212; your retirement. Yet strangely, now is probably the best time to start laying the financial groundwork for the time you&#8217;ll leave the workforce. Here&#8217;s why&#8230; <a class=\"more-link\" href=\"https:\/\/www.heyerinc.com\/blog\/2023\/08\/17\/a-very-smart-money-step-for-gen-z\/\">Read More<a><\/p>\n","protected":false},"author":2,"featured_media":741,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[10],"tags":[],"class_list":{"0":"post-740","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-retirement","8":"entry"},"_links":{"self":[{"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/posts\/740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/comments?post=740"}],"version-history":[{"count":0,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/posts\/740\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/media?parent=740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/categories?post=740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.heyerinc.com\/blog\/wp-json\/wp\/v2\/tags?post=740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}