Q: Are there any tips that I can pass along to my adult child? They just graduated from college and are starting their first job.

We have seen surveys, and our own experience bears this out, that many young people withdraw their 401k balance when they change employers rather than keeping it there or rolling it into a new retirement plan. Encouraging them to avoid this choice, and to prepare so that it won’t be necessary, is great advice. Basic ideas like avoiding debt and building a cash reserve are two important steps toward that end.

When preparing for retirement, there is no better ally than time. Allowing that money to grow and compound, even if the amount is small, is a goal they should strive for.