TheArstaInventorMen in their 40s, what’s one piece of advice for men in their 20s?
Start saving for retirement now. You can make literally millions by putting away 10% of your income early on. Do it automatically so you never even notice the money gone.
If you are worried about making the wrong choice and your company doesn’t have a 401k, open an IRA somewhere (Fidelity if you need someone to make the decision for you) and pick a date targeted fund. Set up auto deposit. Never look at the balance.
You can always make it better later but for now the best thing to do is start. Don’t let analysis paralysis get in the way.
TheImpressiveXQuestion: If I had money saved in a 401k or Roth IRA, what if I died before I retired? What would happen to the money? Would it go back to the government or to a close relative?
kersplooshYou can (and should) assign a beneficiary for the account. They receive the money if you die.