Professional Advice on Retirement for Millennials from Financial Planner David Giertz

David Giertz offers financial advice for millennials that are starting to think about saving for the future. The best way to start planning for the future is to stay alert about ways to save money and pay off debts faster.

Budget Well

A millennial should use their remaining income, after bills, for savings and to pay off debts. They should get rid of debts, such as school loans, as soon as they can so the future is depositing money into a retirement and/or savings account, debt-free. As soon as debts are paid, more money can be deposited into savings.

Roth IRA vs. 401(k)

David Giertz suggests using a Roth IRA for retirement. Unlike the 401(k), the Roth IRA is not taxed when a retiree withdraws funds. Income is taxes and then the deposit takes place. A Roth IRA compounds interest year over year, so the earlier one is invested in, the better.

Be a Creative for Extra Income

A passive income, small business, Etsy store or charging for a particular skill is a great way to be passionate about something outside of work and build a second income. Generating extra money at something that is aside from a standard 8 to 5 job is a great investment toward retirement and putting an unused skill to work.

David Giertz has a MBA from the University of Miami and is a professional in the financial services industry. He has experience of over 30 years and is a successful business coach.

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