The number of 401(k) millionaires hit an all-time high in 2019.
And for many Americans, 401(k) contributions are the extent of their investing knowledge. But what if you don’t have an employer plan, or you just want to invest more and take advantage of the recent downturn?
Erin Lowry, author of “Broke Millennial Takes On Investing,” gives advice based on her own experience living as a millennial without a ton of disposable income. Lowry said that the downturn caused by the coronavirus can have a silver lining for young people who haven’t started saving for retirement.
More from Invest in You:
‘Predictably Irrational’ author says this is what investors should be doing during the pandemic
Coronavirus forced this couple into a 27-day quarantine amid their honeymoon cruise
How to prepare for a family member with COVID-19
“We actually use the wrong language when we talk about retirement because we say ‘saving for retirement,’ but really you’re investing for retirement,” Lowry said. She also said that the down market means that a new investor will get more “bang for their buck.”
Check out this video to learn what accounts Lowry said you need to set up and find out what kind of portfolio she recommends you build.
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.