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Millennial and Gen Z employees know the value of an employer-sponsored retirement plan. A recent survey by Betterment found that 79% of Millennials and 84% of Gen Z would leave their current job for one with better financial benefits. But when it comes to contributing, the numbers go down a lot. A Bank of America study found that only about 55% of Gen Z and Millennial employees contribute, and 70% of Millennials contribute less than $5,000 annually.
Contributing to a retirement plan means reducing your available income. It also reduces the amount you pay in taxes, but when you’re at the start of your career, the tax benefit may not seem like it outweighs the loss of funds every month.
Early career also means high expenses, a high debt load, and lower total income to meet those expenses. It can be very tempting to kick the retirement can... ...
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