Ed Slott, the founder of Ed Slott & Company, urged millennials to stop playing with their food and start investing in Roth IRAs. Slott was the Keynote Speaker at TheStreet's Retirement, Taxes & Income Strategies Symposium, Prepare for the Lifestyle You Want, held recently at New York City.
Emphasizing the positive aspects of Roth IRAs Slott said, " Every young person should be doing only Roths."
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How Millennials Can Become Millionaires
Ed Slott: "These kids now can be Roth IRA millionaires. So here's my advice to the millennials. Our kids stop taking pictures of your food and open a Roth Ira. Now that it's good advice.
I have kids in my, in their twenties and they send me pictures of them. Ooh, a picture of a hamburger! I never saw one of those. And you have to respond.
Oh, that's very good. Nice, Nice. Oh, happy face. Oh yeah, I had a hamburger. You know what do you respond to that you have to say something, right? All right, so that's good advice for every young person."
Roth IRAs and Roth 401ks
Ed Slott: Every young person should be doing only Roths.
The tax deduction at lower rates isn't worth as much. Plus they probably have lower income. They should be doing Roth IRAs and Roth 401ks. Roth Iras, they have the ability to build a tax free savings account that we never have. We have savings accounts or retirement say, but we have to now pay to convert that money. Imagine if we got the chance to start from dollar one to build up Roth Iras.