A golden egg for young people, says CFP: This type of retirement account.

Few Gen Z adults are saving for retirement.

A recent Bank of America survey found that only 1 in 5 Gen Z members, born between 1997 and 2012, are contributing to a retirement account.

The reluctance to invest may stem from fear, as many individuals feel financially insecure, according to Kamila Elliott, a certified financial planner and CEO of Collective Wealth Partners, who previously spoke to CNBC Make It.

"To achieve your investment or asset goals, it is crucial to participate in the market, as Elliot emphasized. It is essential to consider the long-term perspective when discussing investment strategies with young people."

If you lack a strong financial education or are just starting your career, it may be challenging to adopt that kind of thinking, according to Winnie Sun, co-founder of Sun Group Wealth Partners.

"Sun explains that Gen Zers may not have as much income and still have many expenses, and they may not be familiar with effective saving strategies. As a result, they often do not take the necessary steps to save properly."

Sun recommends that young adults starting out should begin investing.

Take advantage of the 'golden egg'

A Roth account is a wise choice for young professionals aiming to achieve long-term goals, including retirement, according to Sun.

Contributions to Roth 401(k)s and Roth individual retirement accounts are made with after-tax dollars, meaning that no additional taxes are owed when withdrawing the money in retirement. In contrast, traditional IRAs and 401(k)s are funded with pre-tax dollars, so taxes are not owed the year of contribution, but are paid when withdrawals are made.

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A Roth account is typically a suitable choice for individuals anticipating a higher tax bracket during retirement than their current one, including young professionals who are just starting out in their careers.

Make sure to utilize any matching contributions provided by your employer if your company offers a Roth 401(k), as experts commonly refer to this as "free money."

If your company doesn't offer a Roth 401(k), a Roth IRA may be a suitable alternative. Although it has an income limit of $161,000 for single people in 2024, it is ideal for young professionals as most of them start their careers with lower incomes, allowing them ample time to accumulate savings.

A Roth IRA can serve as both a short-term and long-term savings account, according to Sun. You can withdraw any contributions you've made without penalty, which could be useful in an emergency. However, you cannot withdraw your earnings before age 59½ without incurring a penalty.

"Sun advises that when you have a Roth, you should treat it as money that you won't touch for a long time and set it aside. However, in case of an emergency, you can easily withdraw a significant portion of that money, just like in a savings account."

"Your financial portfolio's highlight is undoubtedly the Roth IRA."

Don't forget to invest

After establishing a Roth IRA, it's crucial to fund it. In 2024, you can contribute $7,000 if you're under 50 and $8,000 if you're 50 and older.

And make sure you remember to actually invest the money.

Don't blindly follow your colleagues' investment choices, Sun advises. Instead, seek professional advice or utilize online resources to make informed decisions for your own financial future.

Eating in a college dining hall for the first time is like comparing the process to the sun.

"If you had a chance to meet with a nutritionist for 30 minutes before entering the dorm, you would likely make healthier choices for the next few years in college. The same would be true if you met with a financial advisor."

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