Here's how much money you should save in your 401(k), says author of 'I Will Teach You To Be Rich' via CNBCMakeIt
Your employer-sponsored 401 is one of the most powerful long-term investment tools you've got. But a lot of millennials worry about the amount they're saving.
Yet many are less than confident in their future. More than any other generation, millennials say they're worried about their financial security in retirement, according to a recent survey published by the National Institute on Retirement. But if you didn't do that, it's OK, Sethi says:"The next best thing we can do is to take full advantage of it from here on out."
Investing in your 401 is just the first step in creating a secure financial future, Sethi says. He recommends thinking about your savings as a ladder. The next rung is all about paying off any debt you've got. The interest on your debts, particularly if it's something like credit card debt, can add up quickly.
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