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Investing is necessary to hit nearly every financial goal imaginable, including retirement.

Some people are scared of investing, but what you should really be afraid of is the consequence of not investing. There is a huge opportunity cost to sitting on the sideline.

For example, take someone who is a diligent saver and put away $10,000 per year from 25 to 65. If that person puts that money in an interest-bearing account, like a savings account, that yielded an interest rate of 1% on average, they would be left with just over $500,000.

Not bad.

But if you were to invest that money instead, you’d have over $1.25 million!

Tax-advantaged accounts are one of the best tools for retirement that exist.

No one likes to pay taxes, and when it comes to saving and investing for retirement, they can be one of your biggest expenses. Of course, you should try to minimize your taxes if you can!

We often hear that Millennials are terrible investors because most Millennials entered the workforce during the 2008 financial crisis. Afterward, many hesitated to invest after seeing their families lose money, and those who invested often. did so very conservatively. Many have avoided stocks, even the more conservative high dividend stocks.

Which begs the question – have Millennials changed their investment strategies?

Let’s take a look.