Entering the workforce is an exciting time for any young, former college student. Opportunity abounds and so does the potential for banking a lot of money. The wonders of compound interest are great at this time. Starting to save through a 401K for your retirement at 22, right out of school is a savvy financial move. You are going to thank your 22-year-old self when you are 65. The ability to sock away money is a practicable skill and starting early has benefits that stretch across decades.
For many decades, employment was a relatively stable affair. Often, a young person would gain an apprenticeship with a company, particularly one where there were already family connections, perhaps through older employees. Over the years,employees were trained and gradually rose up the ranks to occupy more senior positions until the time came to retire.
This “job for life” scenario had some advantages, in that employment prospects were generally as good as the employee’s ability to develop skills and respond to change, and there was usually some kind of modest pension arrangement on retirement. The job market today is very different, however, and there are now a number of ways in which employers can consider attracting and retaining workers.