Retirement Preparation for the Young

7 Ways to Prepare for Retirement in Your 20s   offered an excellent strategy for preparing for retirement.  The seven elements were:

1. Avoid consumer debt.
2. Avoid lifestyle inflation.
3. Grow income.
4. Open a 401(k) and save.
5. Open a Roth IRA.
6. Open a taxable brokerage account.
7. Invest in income producing assets.

Based on my experience, I would add, "Pay yourself first" as the eighth element.

While there are no guarantees, following these 8 elements will improve the chances of having a success retirement.

For more on Crossing Generations, check back every Thursday  for a new segment.

This is not financial advice. Please consult a professional advisor.

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