Looking back on my twenties (I realize this makes me sound old, but I swear I’ve only recently turned 30) there are a few things I wish I would have done differently. If I could go back in time; I’d definitely focus more on saving money. Sure I saved a little here and there, but if I’d saved a lot more, the transition into my late twenties early thirties would have gone a lot smoother. 

A little over two years ago I started my first Roth IRA. If I had begun one when I was twenty, I’d have over ten years more of compounded interest to my name; almost like free money. I’m not going to lie, due to the recent slide in the economy, my IRA hasn’t made too much. However, if I had started it a long time ago, I’d have more to lose. How’s that for a positive spin?

With the crumbling job market and deduction in wages; it’s harder then ever to save. This doesn’t mean you shouldn’t try to though. Generation Y can’t count on social security for much help, if any, when they retire. This means most of the money you have for retirement is going to depend on what you do now. So start saving today; even if it’s only a little bit here and there. If retirement investment accounts and stocks seem foreign to you; check the phonebook for financial planners or ask if your bank has one you could meet with. You don’t have to make a decision right away, but it is good to see what options are out there to help you enjoy a successful financial future. Trust me; your twenties will go by fast and saving is one area you don’t want to look back upon with regret.

 Check out this article for more information on Gen Y and retirement;

http://www.businessweek.com/investor/content/jul2010/pi20100715_116291.htm